State-owned PFC on Thursday said it has inked an agreement with Japan Bank for International Cooperation (JBIC) for 120 billion Japanese yen (around Rs 6,600 crore) loan facility. According to a PFC statement, under the agreement signed on Wednesday, JBIC will provide funding of JPY 72 billion, and the balance will be funded by commercial banks. This long-term (up to 20 years ) loan to PFC will be provided under JBIC's initiative 'Global action for Reconciling Economic growth and Environmental preservation' (GREEN). The funds will be utilized by PFC to finance its renewable energy portfolio, advancing India's transition to non-fossil-fuel-based energy sources. This deal marks the largest green financing agreement ever executed by JBIC with any company in India. The loan agreement was signed by Parminder Chopra, Chairman and Managing Director, PFC and Ogawa Kazunori, Senior Managing Director, JBIC in the presence of Takashi Ariyoshi, Minister & Deputy Chief of Mission, Embassy of .
The company is expected to borrow around Rs 1 trillion to 1.20 trillion in the financial year
Manappuram Finance, Muthoot Finance and state-run REC are aiming to issue benchmark-sized bonds, which means the issuance will be around $500 million each, the three bankers said
State-owned REC has made record loan sanctions worth Rs 3.59 lakh crore during 2023-24, posting a year-on-year rise of 33.66 per cent. It had sanctioned Rs 2.68 lakh crore as loan during the preceding 2022-23 fiscal, the company said in an exchange filing. Of the total Rs 3.59 lakh crore, Rs 1.36 lakh crore were "renewable energy sanctions", higher from Rs 21,371 crore sanctioned for green projects a year ago. "REC Ltd has continued its growth trajectory and posted...strong operational performance with highest ever loan sanctions at Rs 3.59 lakh crore and the highest ever loan disbursements at Rs 1.61 lakh crore during the year 2023-24," it said. The disbursements were 66.72 per cent higher as compared to Rs 96,846 crore worth of loans disbursed in FY23. As of March 31, 2024, the company's loan book was at Rs 5.09 lakh crore, higher 17.13 per cent as against Rs 4.35 lakh crore in FY23. REC, under Ministry of Power, is a non-banking finance company (NBFC) focusing on power sector
REC plans to raise up to Rs 1,000 cr ($120.43 million), including a greenshoe of Rs 500 crore billion, through bonds maturing in over three years
State-owned Power Finance Corporation has inked an initial pact with the Gujarat government to provide comprehensive financial backing for the state's generation, transmission, and distribution projects. Power Finance Corporation (PFC) signed an MoU with the government of Gujarat on January 3, 2024, according to a company statement issued on Wednesday. The MoU was signed by Parminder Chopra, CMD PFC and Jai Prakash Shivhare, MD (GUVNL) in the presence of Bhupendra Patel, Chief Minister of Gujarat. The chief objective of this MoU is to provide comprehensive financial backing for the state's generation, transmission, and distribution projects. The MoU, signed in Gandhinagar, marks a significant step towards bolstering various projects undertaken by the Gujarat Urja Vikas Nigam Limited (GUVNL), Gujarat State Electricity Corporation Limited (GSECL), Gujarat Energy Transmission Corporation Ltd (GETCO), Dakshin Gujarat Vij Company Ltd (DGVCL), Madhya Gujarat Vij Company Ltd (MGVCL), Pasc
PFC and REC can separately lend up to 25 per cent of their net worth to a single borrower/ project, and lending to a group borrower could be 40 per cent, PFC informed the BSE
The deal is unusual because just two days ago, NTPC, another AAA-rated government firm, raised a three-year fund at 7.93%
Senior power ministry officials, Dipam officials, and representatives from REC and PFC met Finance Minister Arun Jaitley last week, to discuss the merger proposals
Modi's government is seeking ways to narrow the country's budget deficit to help finance public welfare projects ahead of elections