PFS partners USICEF for financing solar projects

Infrastructure finance company PFS has joined hands with the US-India Clean Energy Finance (USICEF) to leverage funds for solar projects in India.

It is an innovative facility which presents PFS with an opportunity to finance and deploy high-impact development projects which can contribute in achieving India's distributed energy target of 40 GW by 2022, PFS Managing Director and CEO Pawan Singh said.

"As part of it, we have partnered with USICEF to leverage these funds for the most promising, investment-ready distributed solar projects in India," PFS said in a release.

PTC India Financial Services (PFS) has processed and sanctioned 3 distributed solar power projects with an aggregate debt amount of Rs 242 crore, of which approximately Rs 39 crore is outstanding in the books.

The company is actively looking at new distributed solar power proposals being implemented by reputed developers under various schemes.

"As one of the pioneers in the clean energy space, we have been actively exploring new opportunities in distributed solar," Singh said.

USICEF is managed by Climate Policy Initiative (CPI) and was founded in 2017 in partnership with the Indian Ministry of New and Renewable Energy, OPIC, IREDA, and leading U.S. Foundations.

"Distributed solar energy is critical for India's clean energy transition," Dhruba Purkayastha, USICEF Director at Climate Policy Initiative said.