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Home » CleanTech/ Renewable Energy » ICICI Bank signs $300 million loan with Japan banks to fund renewable energy and energy efficiency

ICICI Bank signs $300 million loan with Japan banks to fund renewable energy and energy efficiency

Panchabuta had mentioned in December 2010 that, Japan Bank for International Cooperation (JBIC) is looking at providing equity funding to private sector projects in India instead of debt support for public sector entities. The principal Japanese overseas funding agency is also shifting its focus on the Indian market from China following political tensions with its Asian neighbour.

Earlier in February last year, Panchabuta had mentioned that the Japan Bank for International Cooperation (JBIC) that is looking at providing equity funding to private sector projects in India instead of debt support for public sector entities. The JBIC has earlier talked about intention to create a green investment fund not limited to India but mainly for India, with other partners such as the International Finance Corporation.

Since, Japan Bank for International Cooperation signed $200mn loan with ICICI India to finance renewable energy, energy efficiency projects in India.

According to reports, Japan Bank for International Cooperation and Sumitomo Mitsui Banking Corp. (SMBC) completed a USD 300 million loan deal for  ICICI Bank, JBIC said in a statement on Friday.

JBIC is providing USD 180 million, while SMBC and Bank of Tokyo-Mitsubishi UFJ are funding USD 120 million. The commercial portion is guaranteed by JBIC, it said.

JBIC and SMBC were the arrangers to the deal.

The funds will be used to support renewable energy and energy efficiency projects in India.

 

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