Power Finance Corp inks pact with NHPC to finance hydro projects

State-owned Power Finance Corporation Ltd (PFC) on Tuesday said it has signed a pact with NHPC Ltd to lend funds for the development of hydro projects.

NHPC is engaged in the development of hydropower in India and has also diversified into solar and wind power. It also provides consultancy services to hydropower and renewable energy projects, PFC said in a statement.

"PFC has 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," it said.

Subir Saha, Executive Director (Projects) signed the MoU on behalf of PFC, while V K Maini, ED (strategy and consultancy) was present on behalf of NHPC Ltd on August 24, 2021.