IFC to lend $70 million to JN Port for first blue financing in maritime sector

MUMBAI: The International Finance Corporation (IFC), the World Bank's private investment arm, has agreed to lend $70 million (Rs 670 crore) to state-run Jawaharlal Nehru Port Authority (JNPA), India's busiest container gateway, to fund the installation of shore power supply (SPS) infrastructure across its terminals in what is being called as the first 'blue financing' in India's maritime sector.

The agreement for the ten-year, US dollar-linked external commercial borrowing (ECB) loan was signed in New Delhi on September 24, officials said. The loan doesn't involve a sovereign guarantee.

JNPA and IFC are yet to officially announce the deal.


SPS infrastructure will allow ships at berth to switch off their diesel engines and connect to land-based electricity, helping cut carbon emissions by 63%, reduce air pollution by up to 90%, and create more than 400 jobs.

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As the first 'blue financing' for port infrastructure in the Asia-Pacific, the SPS project is aligned with the new Blue Finance guidelines of the Indian Ports Act, 2025.

The loan also represents the first development finance institution investment in India's state-owned major ports and the first commercial borrowing by a port authority.

The partnership aims to elevate India's maritime sector by setting new benchmarks for its ports and help them meet global standards, said a top J N Port official.

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JNPA will become the first Indian port to deploy shore power technology at scale commercially. IFC's long-term financing is expected to support the adoption of this emerging technology and demonstrate a replicable financing model that could facilitate similar investments across other ports in the country.

"Funding from international development institutions like IFC will enable J N Port Authority to manage early-stage commercial risks, build operational experience, and bring international best-practices, prior to scale-up," Gaurav Dayal, chairperson, JNPA, told ET. "A successful operational and commercial demonstration by India's largest container port would provide proof of concept for broader adoption of SPS across Indian ports and other emerging markets, delivering economic as well as environmental benefits."

The Maritime India Vision 2030, launched by the Ministry of Ports, Shipping and Waterways, calls for Indian ports to become globally competitive, digitally advanced, and environmentally sustainable by the end of the decade. At the core of this vision is the Harit Sagar Green Port Guidelines, a national framework for decarbonising port operations, reducing pollution, and transitioning the maritime sector to cleaner fuels and technologies.

"Shore power is one of Harit Sagar's flagship interventions, and the project is expected to demonstrate JNPA's pioneering commitment to achieving Harit Sagar Green Port Guidelines, setting a new benchmark for the Indian ports sector," said Dayal.

India's ports are critical to its trade, and this investment is about making them future-ready, said Manuel Reyes Retana, division director, South Asia at IFC.

"By partnering with India's largest and busiest container port we are going beyond an infrastructure upgrade to demonstrate that sustainable financing can work for the country's maritime sector at scale," said Retana. "This is how the World Bank Group adds value: unlocking, mobilising and expanding access to finance, creating jobs, and helping India scale modern smart infrastructure that expands trade, applies first-in-market innovation, and builds a maritime economy the world will look to."