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New Delhi March 27 NTPC has signed an agreement with German lending agency KfW for a term loan of $100 million (nearly Rs 440 crore) to part-finance renovation and modernisation of its power plants.

The loan is an unsecured facility without sovereign guarantee bearing variable interest linked to LIBOR with door-to-door maturity of 10 years, an NTPC release said.

This would be the first loan that extended directly by KfW to NTPC, the statement said, adding that KfW had earlier routed funding for projects through the Government.

The company had earlier announced plans to invest Rs 1,365 crore for renovation of three power plants - Singrauli, Rihand and Vindhyachal - with a total capacity of over 6,500 MW to enhance their lifespan by up to 25 years.

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