PFS, Power Finance Corp. to finance renewable energy projects

Non-banking finance company PTC India Financial Services (PFS) Wednesday said it has signed an initial agreement with PFC Green Energy for facilitating joint financing of renewable energy projects.

"As per the MoU, both the companies have agreed to provide a single window to borrowers developing renewable energy projects under consortium financing to achieve speedy financial closure and avoid duplication of work," PFS said in a statement here.

PFS is promoted by PTC India and PFC Green Energy is a wholly owned subsidiary of Power Finance Corporation.

"We are confident that given our expertise and robust appraisal systems, we will be able to quickly provide funding to quality projects backed by credible promoters," said R.M.Malla, chief executive of PFS.

The initial agreement between the two firms is in line with the targets set by the Ministry of New and Renewable Energy, which is aiming for a capacity addition of 30,000 MW during the 12th Plan period (2012-2017) from various renewable energy sources. This comprises 15,000 MW from wind, 10,000 MW from solar, 2,100 MW from small hydro and the balance from biomass, the statement added.