Power Finance Corp. Ltd (PFC) announced it has signed Memoranda of Understanding (MoU) worth more than INR 2.37 lakh crore ($28.9 billion) with 20 companies in the clean energy space. The MoUs were signed with companies in solar, wind power, green hydrogen, battery storage, electric vehicles, and green energy equipment manufacturing segments.
Adani, Greenco, ReNew, Continuum, Avaada, JBM Auto, Megha Engineering & Infrastructure Ltd, and Rajasthan Renewable Energy are amongst the companies raising PFC funding.
PFC, apart from funding renewables in a big way, has been exploring opportunities in debt funding of EVs, battery manufacturers, and EV charging infrastructure. In April this year, it sanctioned a loan of INR 633 crore to Gensol Engineering for the purchase of 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs. The passenger EVs will be leased to Blusmart Mobility to expand its fleet of ride-hailing cabs.
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