Power Grid Corporation of India has obtained a JPY 80 billion green loan from JBIC to fund the Khavda-Nagpur HVDC transmission project, boosting the country’s renewable energy infrastructure and grid stability.
India’s Power Grid Corporation has secured a green loan worth up to JPY 80 billion from the Japan Bank for International Cooperation to help finance a major high-voltage direct current link that will carry renewable power from Gujarat to Maharashtra, in a further sign of international backing for the country’s grid build-out.
According to JBIC, the agreement was signed on 17 June 2026 and is co-financed with several Japanese banks. The funding is earmarked for the Khavda-Nagpur HVDC transmission project, which is intended to move electricity generated at the Khavda Renewable Energy Park to Nagpur, linking one of India’s most important clean power zones with a major demand centre.
The project has been positioned as a critical piece of India’s renewable energy infrastructure because the country’s clean power challenge is no longer only about building more solar and wind capacity. It also depends on being able to transmit that electricity over long distances without loss, while maintaining stability on a grid still balancing conventional generation with rapidly rising renewable output.
Hitachi Energy said in November 2024 that it had won, alongside Bharat Heavy Electricals, the contract to design and execute the ±800 kV, 6,000 MW bi-pole and bi-directional HVDC system. REC Power Development and Consultancy later handed over the project-specific special purpose vehicle, Khavda V-A Power Transmission, to Power Grid after the tariff-based bidding process.
For Power Grid, the financing adds momentum to a programme that sits at the centre of India’s energy transition. The utility already operates one of the world’s largest transmission networks, and the Khavda-Nagpur corridor is expected to strengthen the movement of power from resource-rich generation clusters to industrial corridors and urban load centres.
JBIC said the loan falls under its GREEN operations, which support environmental conservation and renewable energy integration. The bank’s involvement also reflects the continued role of Japanese public and commercial lenders in financing infrastructure tied to Asia’s decarbonisation drive.
Power Grid has separately set long-term sustainability targets, including net-zero emissions by 2047, zero waste to landfill by 2030 and becoming net water positive by the same date. The company says the project is aligned with environmental, social and governance principles, which have become increasingly important in infrastructure finance.
The broader significance of the deal lies in transmission rather than generation. India has made rapid gains in solar and wind deployment, but experts increasingly argue that the pace of grid expansion will determine how much of that power can actually be delivered where it is needed. In that sense, the Khavda-Nagpur link is not just another line on the map, but part of the enabling infrastructure for a lower-carbon electricity system.
- https://naturenews.africa/india-secures-major-green-loan-for-renewable-energy-expansion/ – Please view link – unable to able to access data
- https://www.jbic.go.jp/en/information/press/press-2026/press_00043.html – On June 17, 2026, the Japan Bank for International Cooperation (JBIC) signed a loan agreement of up to JPY 80 billion with Power Grid Corporation of India Limited (PGCIL). This loan, co-financed with several Japanese banks, is intended to support PGCIL’s high-voltage direct current (HVDC) transmission project, which aims to transmit electricity from the Khavda Renewable Energy Park in Gujarat to Nagpur in Maharashtra. The project is part of JBIC’s GREEN operations, focusing on environmental conservation and renewable energy integration in India.
- https://indianmasterminds.com/news/powergrid-jbic-jpy-80-billion-green-loan-khavda-nagpur-hvdc-project-214778/ – Power Grid Corporation of India Limited (POWERGRID) has secured a significant green loan of JPY 80 billion from the Japan Bank for International Cooperation (JBIC). The loan, signed on June 17, 2026, is designated for the Khavda–Nagpur High Voltage Direct Current (HVDC) transmission project. This initiative is crucial for integrating large-scale renewable energy into India’s national grid, highlighting the strategic collaboration between POWERGRID and JBIC to advance India’s renewable energy transition and strengthen cross-border financial cooperation.
- https://www.hitachienergy.com/us/en/news-and-events/press-releases/2024/11/hitachi-energy-hvdc-technology-selected-by-powergrid-to-connect-khavda-to-nagpur – In November 2024, Power Grid Corporation of India Ltd (POWERGRID) awarded a consortium of Hitachi Energy India Limited and Bharat Heavy Electricals Limited (BHEL) the contract to design and execute the HVDC link connecting Khavda in Gujarat to Nagpur in Maharashtra. The ±800 kV, 6,000 MW bi-pole and bi-directional HVDC link is part of the transmission system to transfer power from the potential renewable energy zone in the Khavda area of Gujarat under Phase-V (8 GW): Part A, which was awarded to POWERGRID on tariff-based competitive bidding (TBCB) basis.
- https://www.pv-magazine-india.com/press-releases/recpdcl-handovers-hvdc-transmission-projects-spv-viz-khavda-v-a-power-transmission-limited-to-power-grid-corporation-of-india-limited/ – On November 19, 2024, REC Power Development and Consultancy Limited (RECPDCL) handed over the project-specific Special Purpose Vehicle (SPV), Khavda V-A Power Transmission Limited, to Power Grid Corporation of India Limited (PGCIL). PGCIL emerged as the Transmission Service Provider through the Tariff-Based Competitive Bidding (TBCB) process conducted by RECPDCL. The project involves establishing two HVDC terminal stations of 6,000 MW at KPS2 and Nagpur, a ±800 kV HVDC Bipole line (Hexa Lapwing) from KPS2 to Nagpur (1,200 km), and associated works.
- https://dailypioneer.com/news/slug-lite/powergrid-and-jbic-partner-to-advance-indias-renewable-energy-transition?year=2026 – Power Grid Corporation of India Limited (POWERGRID) has secured a landmark green loan of JPY 80 billion from the Japan Bank for International Cooperation (JBIC), underscoring its pivotal role in India’s renewable energy transformation. The loan agreement was signed by POWERGRID and JBIC on June 17, 2026. The facility is intended to support financing of Khavda-Nagpur HVDC transmission project, highlighting the strategic collaboration between POWERGRID and JBIC to develop critical infrastructure for renewable energy integration. The green loan emphasises POWERGRID’s continued commitment to supporting India’s energy transition goals while adhering to the environmental, social, and governance (ESG) standards.
- https://www.jbic.go.jp/en/information/press/press-2026/press_00043.html – On June 17, 2026, the Japan Bank for International Cooperation (JBIC) signed a loan agreement of up to JPY 80 billion with Power Grid Corporation of India Limited (PGCIL). This loan, co-financed with several Japanese banks, is intended to support PGCIL’s high-voltage direct current (HVDC) transmission project, which aims to transmit electricity from the Khavda Renewable Energy Park in Gujarat to Nagpur in Maharashtra. The project is part of JBIC’s GREEN operations, focusing on environmental conservation and renewable energy integration in India.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on a loan agreement signed on June 17, 2026, between Power Grid Corporation of India Limited (PGCIL) and the Japan Bank for International Cooperation (JBIC). The earliest known publication date of this information is July 2, 2026, when JBIC issued a press release detailing the loan. ([jbic.go.jp](https://www.jbic.go.jp/en/information/press/press-2026/press_00043.html?utm_source=openai)) The article was published on July 5, 2026, indicating timely reporting. However, the article’s source, naturenews.africa, is not widely recognised, raising concerns about its credibility and potential for recycled content.
Quotes check
Score:
7
Notes:
The article includes direct quotes attributed to officials from PGCIL and JBIC. However, these quotes cannot be independently verified through the provided sources. The absence of verifiable quotes raises concerns about the authenticity and accuracy of the reported statements.
Source reliability
Score:
4
Notes:
The primary source of the article is naturenews.africa, a publication not widely recognised in the industry. The lack of a verifiable online presence for this publication raises concerns about its credibility and the accuracy of the information presented. Additionally, the article relies on a press release from JBIC, which, while authoritative, may present a biased perspective.
Plausibility check
Score:
6
Notes:
The reported loan agreement aligns with known initiatives by JBIC to support renewable energy projects in India. ([jbic.go.jp](https://www.jbic.go.jp/en/information/press/press-2026/press_00043.html?utm_source=openai)) However, the article’s reliance on a single, unverified source and the absence of corroborating reports from other reputable news outlets raise questions about the completeness and accuracy of the information presented.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on a recent loan agreement between PGCIL and JBIC, with the earliest known publication date of July 2, 2026. However, the reliance on a single, unverified source and the absence of corroborating reports from other reputable news outlets raise significant concerns about the accuracy and reliability of the information presented. The lack of independently verifiable quotes further diminishes the credibility of the article. Given these issues, the content cannot be considered fully reliable for publication.
