Power Finance Corporation (PFC) has inked an agreement with the Goa government to support various green energy initiatives in the state. The memorandum of understanding (MoU) has been signed in the presence of Goa Chief Minister Pramod Sawant.

Under the agreement, PFC, through innovative blended finance mechanisms in cooperation with this facility, will fund key climate projects such as renewable energy, green hydrogen, electric vehicles, waste-to-wealth technology and nature-based solutions leading to energy transition.

The state government will facilitate the implementation of the facility by identifying and developing a pipeline of climate projects, promoting policy decisions and facilitating collaboration among stakeholders. Financial institutions such as World Bank, Small Industries Development Bank of India (SIDBI) and National Bank for Agriculture and Rural Development (NABARD) are also part of the programme.

PFC will play a significant role in aligning with the government's commitment to a net-zero mission through this milestone initiative in blended financing for achieving energy transition.