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NTPC to get $380 m loan from JBIC

NEW DELHI: National Thermal Power Corporation (NTPC) has signed a $380 million loan agreement with Japan Bank for International Cooperation (JBIC) which will be utilised to part finance its 1,980 MW Barh Super Thermal Power Project in Bihar.

The loan agreement was signed by NTPC Director (Finance), A. K. Singhal, in Tokyo on December 20. The syndicated loan will be with four Japanese private financial institutions — Sumitomo Mitsui Banking Corporation (the agent bank), Mizuho Corporate Bank, the Bank of Tokyo-Mitsubishi UFJ, and the Tokyo branch of Société Générale.

“The facility, which was arranged and guaranteed by JBIC, has floating interest rate linked to the London Interbank Offered Rate (LIBOR) and door-to-door maturity of 18 years. This is the first facility extended by the JBIC to NTPC without sovereign guarantee,” said an official statement issued here.

JBIC has earlier provided financing for Gandhar, Simhadri, Faridabad and North Karanpura power projects for an aggregate amount of 172 billion Japanese yen through its overseas development assistance programme. NTPC has an installed capacity of 28,644 MW and generates about 28 per cent of power produced in the country.

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