Mumbai: The Japan Bank for International Cooperation Monday said it will offer a credit of over Rs 275 crore (USD 50 million) through ICICI Bank to finance imports of renewable energy products from the far-East nation.
Under the credit line, medium and long-term credit will be provided through the ICICI Bank to Indian importers purchasing renewable energy equipment manufactured in Japan.
"This will be the first credit line to be offered by JBIC that specialises in supporting export of renewable energy- related equipment," the city-based bank said in a statement.
The credit facility will be operational for two years, JBIC's country representative, Shin Oya said, adding, however, importers will get a longer repayment period of up to 18 years.
The USD 50 million or around Rs 275 crore credit line will be co-financed, with JBIC taking a USD 30 million share and the rest by the Japanese private financial institutions, it said.
The Japanese financial institutions, including JBIC, will extend the credit line to ICICI Bank which will on-lend to Indian importers of the above mentioned products.
The equipment may include products based on solar power, solar thermal energy, wind energy and geothermal energy, the statement said.
First Published: Monday, July 02, 2012, 18:52