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Power Finance Corporation to create wholly-owned subsidiary for the renewable energy sector-boost to National Solar Mission

As Panchabuta had reported earlier,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.

As Panchabuta had mentioned last month, 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.

According to reports today, Power Finance Corporation, a Navratna public sector lender, is in the process of creating a wholly-owned subsidiary for the renewable energy sector, in a couple of weeks, to be called PFC Green Energy Ltd. M K Goel, director (commercial), PFC, told reporters here today that this sector required relatively smaller amounts and had not been getting adequate priority. The government’s policy push through the Jawaharlal Nehru National Solar Mission was also a factor, he said.

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