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PTC India Financial Services (PFS), an infrastructure finance company, has entered into an agreement with Global Green Growth Institute (GGGI) to establish a renewable-energy-focused infrastructure debt fund. The agreement stipulates that GGGI, will provide technical support for PFS in the establishment and development of a Renewable Energy-focused Infrastructure Debt Fund (RIDF).
According to a company statement, discussions during a meeting between PFS and Frank Rijsberman (Director-General, GGGI) focused on facilitating measures that support developing countries’ efforts to address the problem of climate change. It also aimed to attract potential global investors to the RIDF.
PFS, a non-banking infrastructure finance company and GGGI — an international, inter-governmental organisation — signed a memorandum of understanding wherein technical support would be provided by GGGI to PFS for the development and establishment of renewable energy-focused fund, it said.
The statement states that the dialogue focused on the potential investment in green climate funds in India and the expansion of RFID to boost sunlight sectors like e-mobility. It also stressed the importance of mitigating climate change. The assistance could be more useful for PFS, as the PFS is well-positioned in sustainable finance.
Pawan Singh, MD & Chief Executive Officer of PFS stated in the statement that “Our collaboration is an important step towards aiding developing countries achieve carbon-neutral targets and promote environmental sustainability projects.”
According to the statement, the GGGI expressed interest in exploring options for forming an Alternate Investment Fund or AIF in tandem with the infrastructure bond fund in order to take advantage of emerging market opportunities in infrastructure.