PFC Signs MoU worth Rs.2.37 Lakh Crore with 19 Companies in Clean Energy Space

The Power Finance Corporation Ltd (PFC) has taken a significant step towards positioning itself as the primary funding agency for energy transition by executing Memoranda of Understanding (MoUs) worth over Rs 2.37 lakh crore with 19 clean energy companies, both in the public and private sectors.

The MoUs were signed with a diverse array of firms involved in solar, wind power, green hydrogen, battery storage, electric vehicles, and green energy equipment manufacturing, among others in the clean energy space. Notable entities, including Adani, Greenco, ReNew, Continuum, Avaada, JBM Auto, Megha Engineering & Infrastructure Limited, and Rajasthan Renewable Energy, were among the companies involved.

According to PFC, these agreements underscore the company’s commitment to expanding its energy transition portfolio and supporting India’s drive towards achieving its Energy Transition Goals. The MoUs gain significance amid ongoing deliberations on energy transition under India’s G20 presidency.

PFC aims to fund various projects in the clean energy domain, such as offshore wind, pumped hydro storage, solar modules and cells, and more. The company stands prepared to offer longer-tenure funding at competitive rates, assuming larger exposures.

The formal exchange of MoUs took place at an event held on the sidelines of the G20 summit in Goa, witnessed by Parminder Chopra, Director (Finance) & CMD (Additional Charge) of PFC, Rajiv Ranjan Jha, Director (Projects), and Shri Manoj Sharma, Director (Commercial).

PFC has recently diversified its loan portfolio, venturing into infrastructure projects such as refineries, ports, roads, metro systems, biofuels, and waste-to-energy initiatives.