CleanTech/ Renewable Energy, Finance, Other

Power Finance Corp Green Energy to start operations by March

According to reports, with projects worth Rs 3,000 crore already in its kitty, PFC Green Energy will commence operations in the next two months, according to sources.

PFC Green Energy Ltd, the wholly-owned subsidiary of state-owned Power Finance Corporation, was constituted mainly to fund renewable power projects.

“The company’s (PFC Green Energy) functioning will start by the end of the current financial year,” a source close to the development said.

PFC, which had been funding renewable power projects in the past, carved out a separate unit to provide greater focus on the rapidly growing green power industry. This subsidiary was formed in the year 2011.

The existing renewable energy projects with PFC include 26 projects worth Rs 3,000 crore. PFC Green will start by funding to small and medium size companies initially and gradually finance big-size renewable energy initiatives.

“At present, the company does not have assignments of its own, some of the assets (projects) of PFC would be transferred to PFC Green Energy,” the source said.

The government’s policy push in the form of Jawaharlal Nehru National Solar Mission played a major role in the formation of this unit.

Under the Jawaharlal Nehru National Solar Mission, in January, 2010, the government has set the ambitious target of deploying 20,000 MW of grid connected solar power by 2022.

PFC Green Energy will also provide consultancy services and it aims to secure carbon credits.

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