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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on March 26 a loan agreement amounting to up to JPY15 billion, of which JBIC's portion is JPY9 billion, with NTPC Renewable Energy Limited (NREL) of India. The loan is co-financed with Sumitomo Mitsui Banking Corporation and the Bank of Fukuoka, Ltd. JBIC will also provide a guarantee for the portion co-financed by the private financial institutions.
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NREL is engaged in renewable energy generation business under the auspices of NTPC Limited, India’s state-owned power generation company. This loan is intended to provide NREL with the necessary funds for the renewable energy generation business in India as part of GREEN operations
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The government of India pledged on the country's Independence Day in August 2021 that India will become "energy independent" by 2047, and at COP26 in November 2021, it committed to achieving carbon neutrality by 2070. Also, the government of India aspires to achieve 50% cumulative electric power generation from non-fossil fuel-based energy resources by 2030 as its Nationally Determined Contribution (NDC), an action plan to address climate change under the Paris Agreement, and it is promoting such climate change actions as the introduction of renewable energy and the facilitation of the spread of EVs.
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To achieve the goal of carbon neutrality set by the government of India, NREL is promoting renewable energy generation business. With this financing, JBIC supports efforts made by the government of India and NREL to preserve the global environment.
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As Japan's policy-based financial institution, JBIC will continue to financially support initiatives for global environmental preservation, by drawing on its various financial facilities and schemes and by performing its risk-assuming function.
