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Japanese Banks Arrange $496 Million Financing for India High-Voltage Transmission Line
OilPrice.com reported that three Japanese banks will arrange syndicated financing for a high-voltage transmission line in India. The project is the first under a new regional energy cooperation framework. It aims to support India's expanding renewable power capacity.
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com reported. Sumitomo Mitsui Banking Corp, Kansai Mirai Bank, and the state-backed Japan Bank of International Cooperation are arranging up to 80 billion yen in syndicated financing for the project by India's state-owned Power Grid Corporation of India.
India expects the line to become operational in 2029.
The Japan-backed project is the first under the POWERR Asia initiative announced by Japanese Prime Minister Sanae Takaichi in April. Sharp rises in solar PV and wind investments have lifted their share to over 50 percent of India's installed power capacity.
Grid and transmission constraints accounted for nearly two-thirds of all renewable energy curtailment at 300 gigawatt-hours in the first quarter, according to Ember.
The International Energy Agency said in its World Energy Investment 2026 report at the end of May that grid upgrades remain a major priority. Ember said in a May report that India's electricity grid is expanding at a slower pace than the boom in renewable energy installations.
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