Power Finance Corporation Partners with JBIC for Waste-to-Energy Project in Karnataka

22 Aug 2023 , 12:41 PM

The Power Finance Corporation (PFC), a state-owned enterprise, announced on Monday that it has formalized a loan agreement with the Japan Bank for International Cooperation (JBIC). The loan amount totals JPY 1.85 billion, equivalent to approximately $1.28 million. The purpose of this funding is to support a waste-to-energy project situated in Karnataka, India.

The agreement falls under the umbrella of JBIC’s long-term financial facility, which extends to JPY 30 billion for PFC. This collaboration reflects an alignment between the two entities to contribute to sustainable development and energy initiatives.

The allocated loan funds are earmarked for the financing of an 11.5 MW waste-to-energy project managed by KPC Gas Power Corporation Ltd, a wholly owned subsidiary of Karnataka Power Corporation Ltd (KPCL). The project site is located in Bidadi, Ramanagara District, Karnataka.

The waste-to-energy initiative aims to harness the energy potential from 600 tonnes per day (TPD) of segregated municipal solid waste. This endeavor not only addresses waste management challenges but also contributes to energy generation. The project operates on incineration principles, utilizing the moving grate technology provided by Hitachi Zosen India Pvt. Ltd.

The loan agreement was formally executed at JBIC’s New Delhi office, attended by key representatives from both organizations. Parminder Chopra, the Chairperson and Managing Director of PFC, and Nobumitsu Hayashi, Governor of JBIC, sealed the collaboration.

PFC’s commitment to advancing energy transition and supporting green energy ambitions is reiterated through this partnership. The venture aligns with India’s objectives in the renewable energy sector, emphasizing the country’s ongoing efforts to achieve sustainable and environmentally friendly solutions.

For feedback and suggestions, write to us at [e-mail]