Infrastructure finance company PTC India Financial Services (PFS) today said it has signed a loan agreement with OeEB, the Development Bank of Austria, for external commercial borrowing (ECB) of USD 20 million.
PFC said the arrangement is at a "highly competitive" interest rate.
As per the agreement, PFS will utilise the ECB to develop its renewable loan portfolio and lower its interest cost. The total loan tenure is about 10 years, including a 2-year moratorium on principal repayment, it said in a release.
"We are delighted to announce our association with Oesterreichische Entwicklungs Bank AG (OeEB), which provides finance to private companies in developing countries and emerging markets. With this collaboration, we will expand our finance portfolio for renewable projects in India," said Ashok Haldia, MD and CEO, PTC India Financial Services.
PFS offers an array of financial products to infrastructure companies in the energy value chain. It also provides fee-based services such as loan syndication and underwriting.
