PTC Financial joins USICEF initiative to fund distributed solar projects

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PTC India Financial Services (PFS), India’s leading infrastructure finance company, has partnered with the U.S.-India Clean Energy Finance (USICEF) initiative to leverage funds for the most promising, investment-ready distributed solar projects in India.

“Becoming a part of the USICEF initiative presents us with an opportunity to finance and deploy high-impact development projects which can contribute in achieving India’s distributed energy target of 40 GW by 2022,” said Dr Pawan Singh, Managing Director and CEO, PFS.

Notably, PFS is actively looking at new distributed solar power proposals being implemented by reputed developers under various schemes.

“We, at PFS, have processed and sanctioned 3 distributed solar power projects with an aggregate debt amount of Rs 242 crore, of which approximately Rs 39 crore is outstanding on the books,” stated Dr Singh.

“Distributed solar energy is critical for India’s clean energy transition,” added Dr Dhruba Purkayastha, USICEF Director at Climate Policy Initiative. “With PFS’s support, we hope to create an even bigger impact.”

USICEF is managed by Climate Policy Initiative (CPI) and was founded in 2017 in partnership with the Indian Ministry of New and Renewable Energy, U.S. government’s development finance institution Overseas Private Investment Corporation (OPIC), Indian Renewable Energy Development Agency Limited (IREDA) and leading US foundations. It supports early-stage projects to scale up, de-risk and become investment-ready. It leverages public and philanthropic funds to catalyze private investment into distributed clean energy in India.

PTC India Financial Services Limited is structured as a ‘one-stop shop’ for financing of energy value chain and select sectors of infra projects like power, road, port and logistics with focus on renewable energy and sustainable development. It provides both equity and debt financing, including short-term and long-term debt, as well as structured debt financing.