State-run Power Finance Corporation (PFC) on Friday said that it has executed various Memoranda of Understanding (MoU) of more than ₹2.37 lakh crore with 20 companies both in public and private sector
As part of its plan to position itself as the focal funding agency for energy transition, the Maharatna company has signed MoUs with solar, wind power, green hydrogen, battery storage, electric companies as well as manufacturers of green energy equipment among others in the clean energy space.
PFC is a systemically important non-deposit taking non banking finance company (NBFC) in the power sector.
“Adani, Greenco, ReNew, Continuum, Avaada, JBM Auto, Megha Engineering & Infrastructure, Rajasthan Renewable Energy were some of the companies with whom PFC signed the MoU,” the company said.
India’s energy transition
PFC is a leading financier of energy transition in India and these MoU highlight PFC’s commitment to consistently increase its energy transition portfolio and steer the 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 NBFC has recently diversified its loan portfolio by foraying into infrastructure projects such as refineries, ports, roads, metro, biofuels, waste to energy etc.