NIB extends loan to Indian power company

Nordic Investment Bank (NIB) has signed a €69mn long-term loan for the Indian power company NTPC. The funds are being used for the modernisation and expansion of power production.

The project will involve the purchase of equipment for a number of power plants scattered across India. Much of the required equipment and services are supplied by Nordic companies.

NTPC operates a total of 25 power plants with a total capacity of 26,404MW and it intends to double its generating capacity by 2012.