New Delhi: As part of its plan to position itself as the focal funding agency for energy transition, the Power Finance Corporation Limited (PFC), executed various memoranda of understanding (MoU) of more than Rs 2.37 lakh crore with 20 companies both in public and private sector. These MoUs were signed with solar, wind power, Green Hydrogen, battery storage, electric vehicle companies as well as the manufacturers of green energy equipment among others in the clean energy space.

Adani, Greenco, ReNew, Continuum, Avaada, JBM Auto, Megha Engineering & Infrastructure Limited, Rajasthan Renewable Energy were some of the companies with whom PFC signed the MoU. 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 Nation’s drive of Energy Transition Goals. The MoU assume significance in the backdrop of ongoing deliberations on energy transition under India’s G20 presidency. 

PFC gets 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 were exchanged in the presence of PFC's Director (Finance) and CMD (Addl. Charge) Parminder Chopra, Director (Projects) Rajiv Ranjan Jha and Director (Commercial) Manoj Sharma at an event held on the side lines of G20 summit in Goa.

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

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)