Government-owned Power Finance Corporation Ltd (PFC), India’s leading NBFC, has said that it is well placed to fund India’s renewable energy target of 450 GW by 2030. The power lender is already focusing on generation projects in renewable sector in a big way across the country.
The environmental upgradation schemes like deployment of flue gas desulphurisation that has to be installed by coal-based generation plants will also drive the funding targets for the company in the near future. Over the past year, PFC has sanctioned loans of Rs 11,000 crore in environmental upgradation projects, which covers around 19,000 MW of power generation.
Another key focus area for the company is to provide funds to firms looking to manufacture equipment for renewable energy projects to give a boost to the Make in India initiative. For this, PFC has also amended its MoA to diversify into financing power-related businesses –the forward and backward linkage with power sector.
PFC has received two proposals for solar cells manufacturing of Rs 1,700 crore in Gujarat. PFC is also looking to finance manufacturing of electric vehicles and setting up of charging infrastructure. The company has two proposals in hand for funding around 1,000 electric buses.
Recently, PFC has also sanctioned a lift irrigation project in Telangana. Andhra Pradesh is also coming up with similar projects for lift irrigation in Rayalseema area where PFC has sanctioned a pump storage project of 1,200 MW. Further, PFC is looking to fund smart grid projects for Gurgaon and Jaipur and going forward for other cities also.
PFC is also betting big on financing is also looking into independent transmission projects. In this context, PFC has recently provided loan of Rs 2,000 crore to Sterlite Power for one of its transmission projects.
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