IFC, PTC to help cos develop renewable energy

NEW DELHI, INDIA: IFC, a member of the World Bank Group, on Monday said it is partnering with PTC Financial Services Limited, a nonbanking-finance company, to support smaller infrastructure local firms in developing sustainable and renewable sources in India.

IFC will provide $50 million to help PTC Financial Services extend its reach in financing renewable-energy projects and will help in building the company’s capacity to evaluate proposals for clean- and renewable-energy projects and its ability to manage risks better, said a press release.

Through the partnership, IFC will make financing available to smaller firms and help bridge the significant gaps in infrastructure financing in India.

“Closing the gap between demand and supply of power and addressing environmental impacts of thermal-power production are important priorities for India. With IFC’s support, we will be able to implement our strategy to provide more financing for local renewable-energy projects,” said T. N. Thankur, Chairman and Managing Director, PTC Financial Services.

Rashad Kaldany, IFC vice president for Asia, Eastern Europe, Middle East, and North Africa, said, “This project is aligned with our strategy to promote cleaner production and power generation from renewable sources. IFC’s support to PTC Financial Services also will help bring in international lenders to support India’s drive to achieve energy security.”