New Delhi: State-owned Power Finance Corporation (PFC) has secured a loan of 1.85 billion Japanese yen (about Rs 105 crore) from JBIC financing.

The funds will be used to finance a 11.5 MW waste-to-energy project of KPC Gas Power Corporation in Karnataka.

"On August 17, PFC signed a loan agreement with Japan Bank for International Cooperation (JBIC) for JPY 1.85 billion," a company statement said.

This loan agreement was signed under the long-term facility of JPY 30 billion provided by JBIC to PFC.

The waste-to-energy project will result in the effective utilisation of 600 tonne per day of segregated municipal solid waste for energy generation. The project is based on incineration using moving grate technology from Hitachi Zosen India Pvt Ltd.

The loan was signed at JBIC New Delhi office by Parminder Chopra, CMD, PFC and Nobumitsu Hayashi, Governor, JBIC.

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