PFC in pact with NHPC for hydro projects funding

The signing of the MoU will further bolster the long-standing association between PFC and NHPC.

Power Finance Corporation Ltd (PFC) signed a Memorandum of Understanding (MoU) with NHPC Ltd to lend funds for the development of hydro projects by NHPC. PFC will also provide financial assistance for the acquisition of stressed projects.

NHPC, a Schedule-A Miniratna Category-I CPSE, is engaged in development of hydropower in India and has also diversified into solar and wind power. NHPC also provides consultancy services to hydro power and renewable energy projects.

Subir Saha, Executive Director (Projects-SR, ER&NER, CSP&C), signed the MoU on behalf of PFC while V K Maini, ED (Strategy, BD & Consultancy) signed on behalf of NHPC Ltd on 24 August 2021. The MoU was signed in the presence of P K Singh, Director (Commercial) & Addl. Charge (Projects), PFC; R R Jha, (ED-In-charge Projects); Manoj Sharma, ED (L&D); Praveen Verma, SGM (L&D) and Nitin Kumar, GM (Central Sector Unit), PFC.

The signing of the MoU will further bolster the long-standing association between PFC and NHPC and will herald a transformational opportunity between the two organisations. The association will also serve to facilitate knowledge and technology transfer, contributing to sustainable development initiatives in the country.