Chubu Electric Power will receive a loan of $1.24bn from the Development Bank of Japan to fund the purchase of alternative sources of power.

The company is seeking to purchase alternative sources of power like gas after the shutdown of the Hamaoka power station, Banri Kaieda, to meet the shortfall in power.

An anticipated risk of another earthquake hitting the area led to the closure of the plant, as the nation was still recovering from the 11 March earthquake and tsunami.

The company has taken public assistance to meet the cost of the shutdown, reports Reuters.