Yamuna International Airport Private Limited (YIAPL) has reportedly achieved financial close on the Noida International Airport project in India, raising $500.4m (Rs37.25bn) in debt from the State Bank of India (SBI).

A fully-owned subsidiary of Zurich Airport International, YIAPL signed financing agreements with SBI and Noida International Airport (NIAL), the nodal agency of the Uttar Pradesh state Government, for reaching the financial closure.

The raised debt will be repaid by YIAPL over the next two decades, with a one-year moratorium after the completion of the project.

YIAPL has been incorporated as a special purpose vehicle (SPV) for the development of the greenfield Noida International Airport.

YIAPL CEO Christoph Schnellmann said: “We are delighted to have signed the financing agreements with SBI and NIAL to develop Noida International Airport.

“This marks the financial close for the project, and we now eagerly look forward to the development of the airport in close collaboration with our partners including NIAL and SBI.”

Schnellmann further explained that the partnership would increase economic growth and employment opportunities in the state of Uttar Pradesh. It is said to be the largest financing for any greenfield airport in the country.

Upon completion, Noida International Airport is expected to become the nation’s first net-zero emission airport and will offer contactless travel and personalised services.

It will be located 100km from the GMR Group-operated Delhi airport.

Earlier this month, NIAL signed a licence memorandum to officially hand over the land for the development of the Jewar airport to YIAPL.

With the handover of the 1,334ha of land, YIAPL is all set to begin construction works at the site.