Japan to finance 1 GW pumped-storage plant in India

摘要

The Government of Japan has agreed to provide ¥ 29.442 billion (US$ 260 million) for the construction of the 1 GW Turga pumped-storage project in Purulia, in India's eastern state of West Bengal. The Japan International Cooperation Agency (JICA) signed a loan agreement with the Government of India in Delhi on 2 November, following an exchange of notes for its financing that was agreed on 29 October at the Japan-India Summit Meeting held in Tokyo between Shinzo Abe, Prime Minister of Japan, and Narendra Modi, Prime Minister of India. The 30-year loan, with a grace period of 10 years, and an interest rate of 0.01 per cent, will be lent on to the project promoter, the state power supplier, the West Bengal State Electricity Distribution Company (WBSEDC).