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PTC India Financial Services sanctions Rs.457 million to Two Solar Power Projects

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.

We had mentioned in February this year that , IFC was 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.

PTC India Financial Services listed on the Indian stock markets in April this year. Earlier, PFS was in talks to tie up with two foreign PE players and launch a $100 million fund.

According to reports, PTC India Financial Services (PFS) has sanctioned debt aggregating Rs.457 million to 2 power companies which are in process to develop solar power projects in different location of Gujarat. The loan sanctioned to the above mentioned solar projects will help capacity generation of 20 MW which will in effect support the PFS’s commitment towards development of Green Energy in India. PFS had earlier sanctioned Rs.508 million to another solar power project which is in process to develop a 10 MW solar power project in Gujarat. With this, the effective debt sanctioned of PFS to power projects as on 12 August, 2011 aggregated to more than Rs.45,457 million.

The Company being an Infrastructure Finance Company (“IFC”) also contemplates with another series of Infrastructure Bonds aiming to collect around Rs.1,500 million, once the necessary notification in this regard is issued by GoI.

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