IFC invests $35 million in PFS' non-convertible debentures

MUMBAI: IFC, a World Bank group member, today said it has invested $35 million in the 10-year non-convertible debentures of PTC India Financial Services(PFS).

PFS will use the funds to boost long-term financing for renewable energy, particularly in wind and solar projects, a company release said here.

The investment will help generate an estimated 129 GWh of clean energy over five years, it said.

"The funds from the issue will augment our long-term funding resources and help diversify our borrowing profile," PFS chief financial officer Pawan Singh said.

"Infrastructure finance companies like PFS can fill a critical funding gap for renewable energy projects in the country," IFC's Director (Asia-Pacific) Vivek Pathak said.

PFS is focused on financing projects in the country across the energy value chain, and renewable energy comprises 40 per cent of its portfolio.

In 2011, International Finance Corporation (IFC) had provided PFS a senior loan of $50 million to fund four renewable energy projects.