JBIC loan for Maharashtra power

Mumbai: The Japan Bank for International Co-operation (JBIC) will finance a sum of Rs 626.43 crore for replacing existing transformer projects of Maharashtra State Electricity Transmission Company Ltd in 15 districts of Western Maharashtra, Konkan and Khandesh. The project entails replacing 183 existing transformers of 110 substations, which would add capacity of 6,675 MVA, according to a company release.

The loan will be repaid in 30 years, at an annual interest rate of 1.3 per cent. The loan agreement will be signed in August this year, the release added.