IFCShellinvest­sprofit $ris­es35mil­lionon­high­er­inPFSUS­tooil­boo­st­andgasRE fiprices nanc­ing in In­dia

Power Watch India - - DESPATCHES FINANCE -

In­ter­na­tional Fi­nance Cor­po­ra­tion (IFC), a mem­ber of the World Bank Group, has sub­scribed to $35 mil­lion worth of 10-year non-con­vert­ible deben­tures is­sued by in­fra­struc­ture fi­nance com­pany, PTC In­dia Fi­nan­cial Ser­vices. The com­pany will use the funds to boost long-term fi­nanc­ing for re­new­able energy, par­tic­u­larly in wind and so­lar projects. The in­vest­ment will help gen­er­ate an es­ti­mated 129 GWh of clean energy over five years. PFS is fo­cused on fi­nanc­ing projects in In­dia across the energy value chain, and re­new­able energy com­prises 40 per cent of its port­fo­lio. In 2011, IFC had pro­vided PFS a se­nior loan of $50 mil­lion to fund four re­new­able energy projects.

“Funds from the is­sue will aug­ment our long-term fund­ing re­sources and help di­ver­sify our bor­row­ing pro­file. The ma­jor fo­cus of PFS re­mains on the re­new­able energy space in In­dia and we are com­mit­ted to in­crease the re­new­able energy gen­er­a­tion base in In­dia,” said Pawan Singh, Chief Fi­nan­cial Of­fi­cer, PFS.

In April, PFS be­came the first in­sti­tu­tion in In­dia, and the 26th glob­ally, to sign IFC’s master co­op­er­a­tion agree­ment. This agree­ment has helped stan­dard­ise steps that lenders take when co-fi­nanc­ing projects with IFC. Sig­na­to­ries have co-in­vested more than $3 bil­lion since its cre­ation in 2009.

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