New Delhi: Power Finance Corporation Limited (PFC) has entered into a strategic collaboration with Export Finance Australia (EFA) and Citi to strengthen funding support for India’s clean energy transition.
Under this arrangement, EFA, the Australian Government’s export credit agency, has extended a guarantee enabling PFC to raise USD 180 million from Citi. Citi acted as the Sole Export Credit Agency (ECA) Coordinator and Lead Arranger for the facility. This marks EFA’s first financing initiative in India, underscoring its entry into one of the fastest-growing renewable energy markets and reinforcing Australia’s commitment to sustainable infrastructure globally.
The funds will be channelled into green infrastructure projects across India, including renewable energy, energy efficiency, and clean transportation.
The loan agreement was signed on September 30, by PFC's Chairman and Managing Director (CMD) Parminder Chopra and Citi's MD and CEO (India) in the presence of the Australia’s Deputy High Commissioner to India Nick McCaffrey. Senior officials including PFC's Director (Finance) Sandeep Kumar, Executive Director (Finance) Jasneet Guram and Executive Director (Projects) RK Chaturvedi also attended the ceremony.
Commenting on the partnership, PFC CMD said, “We are delighted to partner with Export Finance Australia on its maiden transaction in India, which reflects growing confidence among global financial institutions in India’s clean energy goals. This collaboration not only expands PFC’s access to competitive, long-term funding but also strengthens India–Australia cooperation in sustainable finance. This partnership underscores PFC’s continued focus on diversifying its funding sources, building global partnerships, and supporting India’s transition to a low-carbon economy.”
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