PTC India Financial Services collaborates with PFC Green Energy

 PTC India Financial Services Limited (PFS), a company promoted by PTC India Ltd, and PFC Green Energy Limited (PFC GEL), signed a memorandum of understanding (MoU) for facilitating joint financing of renewable energy projects.  As per the MoU, both the companies have agreed to provide a single window to borrowers developing renewable energy projects under consortium financing to achieve speedy financial closure and avoid duplication of work. The MoU aims to boost the implementation and act as a catalyst to fast track renewable energy projects in the country.
This key MoU comes at a critical time when India faces formidable challenge in meeting its energy needs to rebound to 8-9 per cent growth rate and sustain it at that level. The total installed capacity of renewable energy resources estimated by ministry of new and renewable energy in the country is merely 32,424 MW as of July 2014 or just 13 per cent of the total potential of 2,45,000 MW.
Commenting on the pact to promote renewable energy projects, R M Malla, Managing Director and CEO, PTC India Financial Services Ltd. said “We hope that our ambitious pact with PFC Green Energy will boost the production of renewable energy as we leverage our respective strengths and competencies built over the years to provide financing for such projects. We are confident that given our expertise and robust appraisal systems, we will be able to quickly provide funding to quality projects backed by credible promoters.”