Home » CleanTech/ Renewable Energy » PTC India to raise $40 million from IFC to fund wind projects

PTC India to raise $40 million from IFC to fund wind projects

According to reports, PTC India Financial Services Limited (PFS) will raise around $40 million from International Finance Corporation (IFC) to fund various wind power projects, which can generate around 75-125 MW of power in the southern states and Maharashtra.

PFS has been categorised as an Infrastructure Finance Company by the Reserve Bank of India, and is focused on funding projects across the energy value chain in India.

“The Project, which includes IFC debt funding to PFS, will allow PFS to utilise funds to increase investments in wind-based power projects in the state of Maharashtra and Tamil Nadu with capacity ranging between 75-125 MW. This is in addition to the existing $50 million senior loan facility that has been provided by IFC to the Company in 2011,” said IFC.

PFS, promoted by PTC India Limited (PTC formerly known as Power Trading Corporation of India Ltd), is the largest power trading company in India, operating since 1999.

As on September 30, 2012 PTC holds a 60% equity stake in PFS, with the other key shareholders being GS Strategic Investments Limited (8.7%), GMFA Asia Venture (3.7%), Macquarie India Holdings Limited (3.5%), Emerging Markets Growth Fund (2.8%) and Capital International Emerging Markets Fund (1.8%).

IFC’s loan, being long term, will help PFS provide funding for long gestation RE projects. The proposed project would also help increase availability of funding to smaller private sector players.

PFS is a developing financial intermediary and its expansion in this space is likely to help attract other financial institutions to increase their risk appetite and invest more in these sectors, said IFC.

Comments are closed.

Scroll To Top