IFCShellinvestsprofit $rises35milliononhigherinPFSUStooilboostandgasRE fiprices nancing in India
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.