NTPC to take $380 mn loan from Japan bank

New Delhi: Country’s largest power producer NTPC said it has signed a $380 million (about Rs 1,495 crore) loan agreement with Japan Bank for International Co-operation (JBIC) to part finance its 1,980-mw Barh Super Thermal Power Project in Bihar.

“NTPC concluded a $380 million loan facility under the (JBIC) guarantee to part finance the 1,980MW (3x660mw) Barh Super Thermal Power Project (Stage-I) in Bihar,” a company statement said. The loan agreement was signed on December 20 at Tokyo by NTPC Director (Finance) A K Singhal.

“The facility, which was arranged and guaranteed by JBIC, has floating interest rate linked to the LIBOR and door-to-door maturity of 18 years. This is the first facility extended by the JBIC to NTPC without sovereign guarantee,” it said.

JBIC has previously 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.