IFC invests $35 mn in PFS’ 10-year non-convertible debentures
IFC, a World Bank group member, on <g data-gr-id="21">Wednesday</g> said it has invested $35 million in the 10-year non-convertible debentures of PTC India Financial Services(PFS).
PFS will use the funds to boost long-term financing for renewable energy, particularly in <g data-gr-id="22">wind</g> and solar projects, a company release said here. The investment will help generate an estimated 129 GWh of clean energy over five years, it said.
“The funds from the issue will augment our long-term funding resources and help diversify <g data-gr-id="19"><g data-gr-id="20">our</g></g>
borrowing profile,” PFS chief financial officer Pawan Singh said. “Infrastructure finance companies like PFS can fill a critical funding gap for renewable energy projects in the country,” IFC’s Director (Asia-Pacific) Vivek Pathak said.
PFS is focused on financing projects in the country across the energy value chain, and <g data-gr-id="24">renewable</g> energy comprises 40 <g data-gr-id="25">per cent</g> of its portfolio. In 2011, International Finance Corporation (IFC) had provided PFS a senior loan of $50 million to fund four renewable energy projects.