Japan Bank Provides Loan for Icelandic Geothermal Power Plant

(Bloomberg) — The Japan Bank for International
Cooperation, known as JBIC, will provide an export loan of as
much as $34 million for a 90-megawatt geothermal power project
by Landsvirkjun in Iceland.

The loan is co-financed with Citibank Japan Ltd., the Bank
of Yokohama Ltd. and the Tokyo branch of Commerzbank AG,
bringing the total co-financing amount to about $68 million,
with Nippon Export and Investment Insurance providing insurance
for the portion co-financed by the private financial
institutions, JBIC said in a statement Monday.

The loan will provide financing for the Icelandic company
to buy equipment from companies including Fuji Electric Co. for
the power plant in Theistareykir, northeastern Iceland,
according to the statement. The loan is JBIC’s first financing
provided to a company in Iceland.

To contact the reporter on this story:
Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at landberg@bloomberg.net
Aaron Clark, Abhay Singh

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