New Delhi, Dec 31 (PTI) State-owned Power Grid Corporation of India on Tuesday said it has inked a green loan pact with Sumitomo Mitsui Banking Corporation (SMBC).

This facility denominated in JPY for a US Dollar equivalent of 200 million with a greenshoe option of USD 150 million highlights the strategic collaboration between Power Grid and SMBC to develop critical infrastructure for renewable energy evacuation and integration into the national grid, a company statement said.

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According to the statement, Power Grid 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.

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.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)