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					</table><p>The Japan Bank for International Cooperation (<a href="https://www.jbic.go.jp/en/" target="_blank" rel="noopener">JBIC</a>) has signed a shareholders’ agreement with <a href="https://www.osakagas.co.jp/en/" target="_blank" rel="noopener">Osaka Gas</a> to invest in a joint venture (JV) between the Japanese gas company and Mumbai-based Clean Max Enviro Energy Solutions (<a href="https://www.cleanmax.com/">CleanMax</a>).</p>
<p>The JV &#8212; Clean Max Osaka Gas Renewable Energy (CORE) &#8212; will develop 400 MW of renewable energy projects, starting with ~300 MW in Karnataka in the first phase, offering corporations reliable clean energy through long-term corporate Power Purchase Agreements (PPAs).</p>
<p>Osaka Gas has designated India as a significant business development target country because of its economic scale and growth potential. It aims to expand its energy business by combining the JV’s renewable energy projects with its existing city gas supply ventures in India.</p>
<p>It also plans to explore new energy projects in fields including hydrogen and e-methane.</p>
<p>JBIC’s equity investment in CleanMax’s projects targets supporting Osaka Gas’ overseas expansion to help maintain and improve the Japanese industry’s international competitiveness.</p>
<p>CleanMax is a renewable energy solutions provider operating in India, the Middle East, and Southeast Asia. The company has a 2 GW project portfolio and serves over 550 corporate entities in the automotive, education, pharmaceuticals, fast-moving consumer goods, and information technology sectors.</p>
<p>In January this year, CleanMax <a href="https://www.mercomindia.com/mena-round-up-cleanmax-secures-debt-for-uae-solar-portfolio" target="_blank" rel="noopener">secured</a> a long-term credit facility of AED99 million ($27 million) from HSBC to expand its onsite solar portfolio in the UAE. The funding will support the development of 92 solar assets across industrial facilities, malls, schools, and universities, with an additional uncommitted accordion of AED37 million ($10 million) for future projects.</p>
<p>In the same month, JBIC <a href="https://www.mercomindia.com/japan-bank-signs-agreement-to-lend-770-million-to-pfc" target="_blank" rel="noopener">signed</a> an agreement to set up a credit line of JPY120 billion (~$770.64 million) with the government-owned Power Finance Corporation to fund renewable energy projects.</p>
<p>Earlier, Ahmedabad-based pharmaceutical company Concord Biotech <a href="https://www.mercomindia.com/clean-max-wind-solar-project-concord-biotech">entered</a> into an agreement to acquire a 26% equity stake in CleanMax Everglades, a CleanMax Enviro Energy Solutions special purpose vehicle setting up a renewable energy project with a total capacity of 9.9 MW.</p>


CleanMax, Osaka Gas Form JV to Develop Renewable Energy Projects


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					</table><p>The Tripura Renewable Energy Department Agency <a href="https://www.mercomindia.com/tripura-issues-tender-for-pre-feasibility-report-for-pumped-storage-project" target="_blank" rel="noopener">invited</a> bids for a pre-feasibility report for a pumped hydro storage project in the state. Bids must be submitted by January 30, 2025. Bids will be opened on the same day. Selected bidders must survey and prepare feasibility studies, alternative study reports, and detailed pre-feasibility reports for the project. They must complete these tasks within 90 days of the agreement’s execution.</p>
<p>Reliance Industries will <a href="https://www.mercomindia.com/reliance-industries-bags-%E2%82%B980-million-transmission-project-from-recpdcl" target="_blank" rel="noopener">acquire</a> a 100% equity stake in Lakadia B Power Transmission from REC Power Development and Consultancy for ₹80 million (~$923,782) to establish an interstate transmission system to evacuate up to 3.5 GW of renewable energy from Lakadia in Gujarat. Lakadia B Power Transmission was incorporated on October 29, 2024, to establish the project and has yet to commence commercial operations. The tender was floated in September 2024. Reliance will design, engineer, construct, test, and commission the project.</p>
<p>Ahmedabad-based pharmaceutical company Concord Biotech <a href="https://www.mercomindia.com/clean-max-wind-solar-project-concord-biotech" target="_blank" rel="noopener">entered</a> into a strategic agreement to acquire a 26% equity stake in Clean Max Everglades, a Clean Max Enviro Energy Solutions special-purpose vehicle that is setting up a renewable energy project with a total capacity of 9.9 MW. Concord Biotech will procure power in captive mode from the 6.6 MW wind and 3.3 MW solar project for its facility at Dholka, Gujarat. The acquisition involves acquiring 26,000 equity shares at ₹10 (~$0.11) each, resulting in a 26% ownership stake for Concord Biotech.</p>
<p>A recent National Renewable Energy Laboratory study <a href="https://www.mercomindia.com/floating-solar-us-reservoirs-nrel" target="_blank" rel="noopener">estimates</a> that floating solar installations on federally controlled reservoirs could generate between 861 and 1,042 GWdc of power. This contribution represents nearly half of the U.S.’s solar capacity requirements to achieve a decarbonized energy grid by 2050. The potential energy output varies based on factors such as reservoir floor slope and minimum water volume thresholds, emphasizing the importance of site-specific evaluations.</p>
<p>The Japan Bank for International Cooperation (JBIC) <a href="https://www.mercomindia.com/japan-bank-signs-agreement-to-lend-770-million-to-pfc" target="_blank" rel="noopener">signed</a> an agreement to set up a credit line of JPY120 billion (~$770.64 million) with the government-owned Power Finance Corporation (PFC). JBIC’s share of the total credit line will be JPY72 billion (~$462.38 million). PFC secured the credit line under JBIC’s Global Action for Reconciling Economic Growth and Environmental Preservation program for India-based energy projects, including renewable and next-generation energy supply, energy-saving power generation, and heat supply.</p>


Daily News Wrap-Up: Tripura Floats Consultancy Tender for Pumped Storage Project


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					</table><p>The Japan Bank for International Cooperation (<a href="https://www.jbic.go.jp/en/" target="_blank" rel="noopener">JBIC</a>) has signed an agreement to set up a credit line of JPY120 billion (~$770.64 million) with the government-owned Power Finance Corporation (<a href="https://www.pfcindia.com/" target="_blank" rel="noopener">PFC</a>).</p>
<p>JBIC&#8217;s share of the total credit line will be JPY72 billion (~$462.38 million).</p>
<p>PFC secured the credit line under JBIC’s Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) program for India-based energy projects, including renewable and next-generation energy supply, energy-saving power generation, and heat supply.</p>
<p>Under the GREEN initiative, the bank finances projects to reduce greenhouse emissions and promote Japanese environmental technologies globally.</p>
<p>The bank financially supports developing solar power generation facilities and efficient power projects incorporating advanced environmental technologies, and energy-saving equipment.</p>
<p>PFC offers financial support to the power and infrastructure segment to meet the government’s energy sector goals.</p>
<p>In 2022, JBIC signed a general agreement with PFC for a credit line of JPY30 billion (~$192.66 million), of which JBIC’s portion was JPY18 billion (~$115.59 million).</p>
<p>In October 2024, PFC <a href="https://www.mercomindia.com/pfc-secures-record-loan-of-1-265-billion" target="_blank" rel="noopener">announced</a> the closure of its largest-ever foreign currency term loan, raising $1.265 billion. The deal was facilitated through an agreement with multiple banks located in IFSC at GIFT City, Gandhinagar in Gujarat. The funds from this loan will finance projects other than thermal power generation, underscoring PFC’s commitment to decarbonization and supporting the shift to green energy.</p>
<p>Last March, JBIC <a href="https://www.mercomindia.com/ntpc-nhpc-loan-jbic-renewable-projects" target="_blank" rel="noopener">signed</a> strategic loan agreements with NTPC Renewable Energy and NHPC to help develop renewable energy projects across India.</p>
<p>PFC <a href="https://www.mercomindia.com/pfcs-q2-fy-2025-proft-rises-asset-quality-improves" target="_blank" rel="noopener">recorded</a> a net profit of ₹43.70 billion (~$524.5 million) during the second quarter of the financial year 2025, a year-over-year increase of 13.6%. The government-owned lender’s loan disbursements surged 155%, growing from ₹217.90 billion (~$2.61 billion) in the first six months of FY24 to ₹555.62 billion (~$6.67 billion) in FY25.</p>


Japan Bank Signs Agreement to Lend $770 Million to PFC


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					</table><p>The Japan Bank for International Cooperation (<a href="https://www.jbic.go.jp/en/" target="_blank" rel="noopener">JBIC</a>) has entered into strategic loan agreements with <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a> and <a href="https://www.nhpcindia.com/" target="_blank" rel="noopener">NHPC</a> to help develop renewable energy projects across India.</p>
<p>The loans for the public sector undertakings are co-financed with <a href="https://www.smbc.co.jp/global/" target="_blank" rel="noopener">Sumitomo Mitsui Banking Corporation</a> and the <a href="https://www.fukuokabank.co.jp/" target="_blank" rel="noopener">Bank of Fukuoka</a>, with JBIC providing 60% of the total financing.</p>
<p>NTPC Renewable Energy has secured a loan of JPY15 billion (~$99.11 million) to fund its renewable energy projects, with JBIC contributing JPY9 billion (~$59.46 million).</p>
<p>NHPC has secured a loan of JPY20 billion (~$132.15 million) to fund its renewable energy projects. JBIC will directly fund this loan&#8217;s JPY12 billion (~$79.28 million).</p>
<p>The loan agreements include <a href="https://ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> receiving JPY15 billion (~$99.11 million) to install environmental equipment at its power projects, with JBIC’s contribution to the loan amount at JPY9 billion (~$59.46 million).</p>
<p>JBIC will also provide the guarantee for the portion co-financed by the private financial institutions.</p>
<p>The loans were provided to the companies under JBIC’s Global action for Reconciling Economic growth and Environmental preservation (GREEN) program. Under the initiative, JBIC finances projects aimed at preserving the global environment and reducing greenhouse gas emissions while taking into account propagating advanced Japanese environmental technologies around the world.</p>
<p>Recently, NTPC Limited <a href="https://www.mercomindia.com/ntpc-raise-term-loan" target="_blank" rel="noopener">invited</a> offers from banks and financial institutions to raise ₹50 billion (~$672 million) as rupee term loans.</p>
<p>The loan proceeds would be utilized towards capital expenditure for the ongoing and new capacity addition programs, renewable energy projects, and buying out the Government of India&#8217;s equity stake in public sector undertakings under the government&#8217;s disinvestment program, refinancing loans, and general corporate purposes.</p>
<p>Earlier, SJVN  secured a green financing loan of ₹9.15 billion (~$111.2 million) from the Japan Bank for International Cooperation to construct two solar power projects in India. JBIC provided 60% of the debt financing for these projects, while the remaining balance will be covered by Japanese commercial banks, namely MUFG Bank and San-in Godo Bank.</p>
<p>Last October, JBIC and the Government of India <a href="https://www.mercomindia.com/india-japan-launch-low-carbon-emission-strategies/" target="_blank" rel="noopener">signed</a> an agreement to establish a $600 million India-Japan Fund to address climate and environmental challenges. The fund was to focus on environmental preservation in India, encompassing sectors such as renewable energy, electric vehicles, waste management, and water management projects. The government of India will contribute 49% of the target corpus, and JBIC will contribute 51%.</p>


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