The International Finance Corporation (IFC), the World Bank’s private investment arm, has agreed to provide a $70 million (about ₹670 crore) loan to the Jawaharlal Nehru Port Authority (JNPA) to finance shore power supply (SPS) infrastructure across its terminals.
The 10-year, US dollar-linked external commercial borrowing (ECB), signed in New Delhi on September 24, does not carry a sovereign guarantee. The transaction is being described as the first blue financing for port infrastructure in India and the Asia-Pacific region.
The SPS infrastructure will enable ships at berth to switch off their diesel engines and connect to shore-based electricity, potentially cutting carbon emissions by 63% and air pollution by up to 90%. The project is also expected to create more than 400 jobs.
The financing marks the first development finance institution investment in India’s state-owned major ports and the first commercial borrowing by a port authority. JNPA is expected to become the first Indian port to deploy shore power technology commercially at scale.
JNPA Chairperson Gaurav Dayal said the long-term financing from IFC would help the port manage early-stage commercial risks, develop operational expertise and adopt international best practices before wider deployment of the technology.
A successful demonstration at JNPA could provide a model for the adoption of shore power at other Indian ports and in emerging markets, he said.
The project aligns with the government’s Maritime India Vision 2030 and the Harit Sagar Green Port Guidelines, which seek to reduce emissions and pollution from port operations and promote cleaner technologies.
Manuel Reyes Retana, Division Director, South Asia, IFC, said the investment would support the modernisation of India’s maritime infrastructure while demonstrating the potential for sustainable financing in the sector.
JNPA and IFC are yet to make an official announcement on the financing agreement.