(THE NEWSMAN OF INDIA.COM)
31 December 2024, Gurugram: Power Grid Corporation of India Limited (POWERGRID), a ‘Maharatna’ Public Sector Enterprise under Ministry of Power, Government of India, has signed a landmark green loan agreement with Sumitomo Mitsui Banking Corporation (SMBC) on 31st December 2024 at GIFT City, Gandhinagar, Gujarat, underscoring its pivotal role in India’s renewable energy transformation. This facility denominated in JPY for a US Dollar equivalent of 200 million with a greenshoe option of US$150 million highlights the strategic collaboration between POWERGRID and SMBC to develop critical infrastructure for renewable energy evacuation and integration into the national grid. This loan agreement was signed in the presence of G. Ravisankar, Director (Finance), POWERGRID, L. K. Khajkumar, ED (Corporate Planning), POWERGRID and other senior officials of SMBC and POWERGRID. Ashwani Kumar Gupta, ED (Finance), POWERGRID and Sriram Kumondur, Managing Director & Head, India Offshore Banking, SMBC & Manoj Kaushik, Branch Head, SMBC, Gift City signed this agreement on behalf of POWERGRID and SMBC respectively.

The green loan emphasizes POWERGRID’s commitment to supporting India’s energy transition goals while adhering to the highest environmental, social, and governance (ESG) standards. The funds will be instrumental in facilitating renewable energy projects, enhancing grid reliability, and promoting sustainable development across the country. In line with its commitment to sustainable development, POWERGRID has integrated ESG principles into its core business operations and adopted ESG vision and targets. POWERGRID is actively working towards achieving its goals of net zero emissions by 2047, 50% of energy consumption from renewable sources by 2025, zero waste to landfill by 2030, and being net water positive by 2030.

A leading global financial institution, Sumitomo Mitsui Banking Corporation (SMBC) is one of the largest Japanese banks by assets, with over ¥238,700 billion in total assets and strong credit ratings across their global integrated network spanning 39 countries and territories.

As on 15th December 2024, POWERGRID has commissioned and operating 280 Sub-stations and more than 1,78,975 ckm transmission lines and 5,45,961 MVA of transformation capacity. With the adoption of the latest technological tools and techniques, enhanced use of automation and digital solutions, POWERGRID has been able to maintain average transmission system availability of 99.80%.