POWERGRID Secures ¥80bn JBIC Loan for Khavda-Nagpur HVDC

Power Grid Corporation of India Limited signed a ¥80 billion (approximately ₹4,700 crore) syndicated loan agreement with the Japan Bank for International Cooperation on 17 June 2026 to finance the Khavda-Nagpur high-voltage direct current transmission project. JBIC announced the financing on 2 July 2026, confirming the loan comprises ¥48 billion in direct JBIC lending with the remainder co-financed by Sumitomo Mitsui Banking Corporation, Kansai Mirai Bank, Kiraboshi Bank and Joyo Bank, with JBIC providing a guarantee for the privately financed portion.

The Khavda-Nagpur HVDC link will transmit electricity from the Khavda Renewable Energy Park in Gujarat, western India, to Nagpur in Maharashtra, central India. JBIC described the project as one of the world's largest HVDC transmission projects. The line is designed to evacuate large-scale renewable energy from resource-rich regions and integrate it into India's national grid, supporting the country's renewable energy targets and decarbonisation efforts.

ESG Standards and Corporate Sustainability Commitments

POWERGRID said the loan is aligned with internationally accepted environmental, social and governance standards and reflects the company's integration of ESG principles into its core business strategy. The company has set long-term sustainability goals including achieving net zero emissions by 2047, meeting 50 per cent of its electricity requirement through renewable energy, becoming a zero waste company by 2030, and achieving net water positivity by 2030. The financing underscores the strategic collaboration between POWERGRID and JBIC in promoting sustainable energy infrastructure.

POWERGRID Network and Capabilities

As of 31 May 2026, POWERGRID operated 291 substations, 185,750 circuit kilometres of transmission lines and 630,516 MVA of transformation capacity. The state-owned transmission utility, which is India's only state-owned transmission company and largest transmission utility, said its extra-high-voltage transmission network delivers transmission system availability exceeding 99.5 per cent through advanced digital technologies and real-time monitoring systems. The company has diversified beyond core transmission into consultancy and telecommunications services.

Related Corporate Developments

POWERGRID's board approved ₹485 crore in capital expenditure for a SCADA upgrade project to strengthen grid monitoring capabilities and raised the company's borrowing limit to ₹2.2 lakh crore. JBIC, headquartered in Tokyo, is a policy-based financial institution wholly owned by the Government of Japan, established in 1999 to complement private-sector financing and support sustainable economic development through strategic investments and international cooperation.