India’s PTC, Power Finance to Jointly Fund Renewables

Sept. 10 (Bloomberg) — India’s biggest power trader and
one of the nation’s largest lenders to electric utilities have
agreed to jointly finance clean-energy projects.

Developers of renewable-energy plants will be able to apply
through a single window for loans from PTC India Financial
Services Ltd.
and PFC Green Energy Ltd., a unit of state-owned
lender Power Finance Corp., according to an e-mailed statement
today. That will allow projects to raise financing more quickly
and hasten the industry’s growth, the lenders said.

India’s 20 gigawatts of wind and solar capacity is dwarfed
by China, with more than 100 gigawatts, according to data from
Bloomberg New Energy Finance. A lack of affordable debt is one
of the biggest constraints cited by developers in India, which
has raised borrowing costs three times in the past year to
combat inflation. Power Minister Piyush Goyal last month pledged
to tackle the bottleneck by exploring options such as green
bonds, notes issued to finance environmental projects.

PTC India Financial Services is backed by power trader PTC
India Ltd.

To contact the reporter on this story:
Natalie Obiko Pearson in New Delhi at
npearson7@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Alex Devine, Will Wade

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