October 21, 2011 / 4:45 PM / 8 years ago

UPDATE 1-Chugoku to borrow $1.31 bln from banks - Nikkei

Oct 22 (Reuters) - Major Japanese banks, including Mizuho Corporate Bank and the Development Bank of Japan, decided on Friday to lend a total of 100 billion yen ($1.31 billion) to Chugoku Electric Power Co by the fiscal year-end, the Nikkei business daily said.

Chugoku plans to use the money to purchase fossil fuels for power plants, the paper said.

The accident at Tokyo Electric Power Co’s Fukushima Daiichi nuclear facility has made it difficult for utilities to raise funds through bond offerings, the daily said.

The loans could be made by the end of December, the Nikkei reported. ($1 = 76.130 Japanese Yen) (Reporting by Shounak Dasgupta in Bangalore; Editing by Maju Samuel)

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