PFC signs MoU with Goa govt to set up blended finance facility for climate action, ET EnergyWorld

New Delhi: State-run Power Finance Corp (PFC) on Tuesday signed a memorandum of understanding (MoU) with the Goa government to fund the state’s green energy ambitions through a blended finance facility.

A Memorandum of Understanding (MoU) was signed in the presence of Goa Chief Minister Pramod Sawant, Power Finance Corporation (PFC) said in a statement.

As part of the MoU, PFC will utilise innovative blended finance mechanisms to fund key climate projects like renewable energy, Green Hydrogen, Electric Vehicles (EVs), waste-to-wealth technology and nature-based solutions to contribute to energy transition.

PFC through this initiative will lend its financial expertise to drive climate initiatives and catalyze energy transition through emerging technologies.

“This initiative is an innovative partnership between the government of Goa and World Bank on the one hand and the leading financial institutions PFC, SIDBI and NABARD on the other to finance climate priorities,” it added.

The state government will facilitate the successful implementation of the facility by identifying and developing a pipeline of climate projects, promoting policy decisions and facilitating collaboration among stakeholders.

By pooling resources and expertise, both PFC and the state of Goa aim to advance sustainable development, pioneering blended financing facilities in India and attract private sector investment in climate initiatives, contributing to India’s ambitious net-zero goals.

“India is committed to achieving ‘Panchamrit’ and net-zero emissions by 2070; PFC is going to play a pivotal role in aligning with the government’s commitment to net-zero through this milestone initiative in the area of blended financing for achieving energy transition,” said Parminder Chopra, chairman and managing director, PFC.

  • Published On Feb 21, 2024 at 11:43 AM IST

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