ICICI Bank gets US$80 million for RE loans

India’s ICICI Bank, Ltd has received loans from Japanese banks to finance its renewable energy projects.

The Japan Bank for International Cooperation will extend an export credit line of US$30 million to ICICI Bank for financing RE projects. This will be co-financed by US$50 million from Japanese private financial institutions, taking the overall loan assistance to ICICI Bank to US$80 million.

The fund will support the export of renewable energy-related equipment by Japanese firms to India. It will support the government’s aim of increasing the power generation capacity of renewable energy to 41.4 gigawatts by 2017.

India has been promoting the broader utilisation of renewable energy for power generation as supplies of coal become more expensive.

ICICI Bank is India'a largest private sector lender.