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The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed today a loan agreement amounting to up to approximately USD15 million (JBIC portion) with Iwatani Corporation (Iwatani). The loan is co-financed with MUFG Bank, Ltd., and Mizuho Bank, Ltd., bringing the total co-financing amount to approximately USD26 million.
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The loan is intended to finance the funds necessary for Iwatani Corporation of America (ICA), a US subsidiary of Iwatani, to construct and operate hydrogen stations.
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Iwatani acquired hydrogen stations in the State of California through ICA in March 2019. ICA is the first Japanese operator of hydrogen stations in the United States, and it decided to install more hydrogen stations in the State of California. Expecting growth of demand for hydrogen, which is a next-generation energy source, Iwatani aims for JPY60.0 billion investments in the hydrogen business in its Medium-term Management Plan (FY2021-FY2023). The loan will financially support the construction and operation business of the hydrogen stations of Iwatani in the United States, thereby contributing toward maintaining and improving the international competitiveness of Japanese industry.
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Hydrogen, which does not emit CO2 when used as a fuel, is drawing attention as the energy solution of the future. With the Basic Hydrogen Strategy released in December 2017, the Green Growth Strategy Through Achieving Carbon Neutrality in 2050 released in December 2020, and the Integrated Innovation Strategy 2021 approved by the Cabinet Office in June 2021, the Government of Japan is aiming to lead the world in creating a hydrogen-based society through the promotion of the hydrogen industry and its global competitiveness. The loan is in line with the hydrogen-related policies of the Government of Japan.
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As Japan's policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in the overseas expansion of their businesses in the next-generation energy sector by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.
