The Japan Bank for International Co-operation (JBIC) will extend an export credit line of $30 million to ICICI Bank for financing renewable energy projects.
This will be co-financed with $50 million from Japanese private financial institutions, taking the overall loan assistance to ICICI Bank at $80 million (Rs 439 crore).
The credit line will support the export of renewable energy-related equipment by Japanese firms to India.
As demand for electric power has been increasing, the Indian Government has been making efforts to promote broader utilisation of renewable energy for power generation.
The Government plans to increase the power generation capacity of renewable energy to 41.4 GW by the year 2017.