Power Finance Corporation (PFC) of India announced the formation of a subsidiary to focus on renewable energy projects and their funding in November last year.
Power Trading Corporation( PTC) has entered into PPA with a number of biomass project developers including Clenergen for their 18MW biomass project and Lakshmi Energy and Foods (LEF) for their 30MW rice husk project in Punjab.
According to reports in the media, IFC is planning to provide $50 Mn loan to PTC India Financial Services Ltd (PFS), which will be used for lending to companies and projects in the renewable energy space in India.
New Delhi-based PFS – incorporated in 2006 – is the investment arm of power trading firm PTC India Ltd. PFS invests in projects, fuel sources, related infrastructure like gas pipelines, LNG terminals, ports, equipment manufacturers like transformers, conductors, insulators, cables etc.
Further, last year MOUs have been signed with Power Trading Corporation (PTC) and Energy Efficiency Services Limited (EESL) and six large Govt. buildings have been taken up for financing.