Tata Cleantech Capital, a joint venture between Tata Capital and IFC, on Thursday signed an agreement with the Japan International Cooperation Agency (JICA) for up to 10 billion yen (one yen is 67 paise) loan for on-lending to renewable energy players. This loan will be provided through private sector investment finance scheme of the JICA and will be co-financed with the Sumitomo Mitsui Banking Corporation, Tata Cleantech said.
Under the Paris Agreement on climate change signed in 2016, the government committed to cut greenhouse gas emissions intensity of its GDP by 33-35 per cent by 2030. To achieve the target, the government is promoting mitigation measures like installation of renewable energy (solar and wind power), energy efficient equipment, and electric vehicles.
