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PFC to spin off arm to fund green projects

Thursday, 29 Apr 2010
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PFC is mulling to set up a subsidiary to focus on non-conventional energy sources such as wind power, solar and biomass projects.

In the last fiscal 2009-10, the Corporation sanctioned Rs 603 crore for renewable energy projects and disbursed Rs 266 crore. In the current fiscal 2010-11, PFC is expected to sanction Rs 1,500 crore and disburse Rs 350 crore in the segment. Therefore, it felt the need for a subsidiary to look after the green projects.

In order to expand its presence in renewable energy, co-generation, energy saving projects and captive power plants, the Corporation has empanelled 31 business development associates. It has also signed an agreement with Gujarat Energy Development Agency for development of renewable energy generation projects. It has got a mandate to assist state power utilities to prepare clean development mechanism projects under the Kyoto Protocol.

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