PFC Signs MoU Worth ₹2.37 Lakh Crore With 20 Companies In Clear Energy Space

As part of its plan to position itself as the focal funding agency for energy transition, the Power Finance Corporation Limited, executed various Memoranda of Understanding of more than ₹2.37 lakh crore with 20 companies both in public and private sector, the company announced through an exchange filing.

These MoUs were signed with solar, wind power, green hydrogen, battery storage, electric vehicle companies as well as manufacturers of green energy equipment among others in the clean energy space. Adani, Geenco, ReNew, Continuum, Avaada, JBM Auto, Megha Engineering and Infrastructure Limited, Rajasthan Renewable Energy were some of the companies with whom PFC signed the MoU.

These MoUs highlight PFC's commitment to consistently increase its energy transition portfolio and steer Nation's drive of Energy Transition Goals. The MoU assumes significance in the backdrop of ongoing deliberations on energy transition under India's G20 presidency.

PFC enjoys the unique advantage of providing funds for longer tenure at competitive rates and taking larger exposures. PFC is looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells, among others in the clean energy space.

The MoU was exchanged in the presence of Parminder Chopra, Director (Finance) and CMD (Addl. Charge), PFC, Rajiv Ranjhan Jha, Director (Projects) and Manoj Sharma, Director (Commercial) at an event held on the sidelines of G20 summit in Goa.

PFC recently diversified its loan portfolio by foraying into infrastructure projects such as refineries, roads, ports, metro, biofuels, waste to energy etc.

Published on: Friday, July 21, 2023, 04:24 PM IST