PFS Collaborates with USICEF for Funding Solar Projects in India

Infrastructure finance company PFS has announced that it has joined hands with the US-India Clean Energy Finance (USICEF) to leverage funds for solar projects in India.

It is a pioneering facility which boons PFS with an opportunity to finance and install high-impact development projects which can donate in achieving India's distributed energy target of 40 GW by 2022, PFS Managing Director and CEO Pawan Singh believed.

"As part of it, we have partnered with USICEF to leverage these funds for the most promising, investment-ready distributed solar projects in India," PFS supposed in a release.

PTC India Financial Services (PFS) has administered and sanctioned 3 distributed solar power projects with an aggregate debt amount of Rs 242 crore, of which roughly Rs 39 crore is due in the books.

The company is dynamically looking at new distributed solar power proposals being executed by reputed developers under numerous schemes.

"As one of the pioneers in the clean energy space, we have been actively exploring new opportunities in distributed solar," Singh said.

USICEF is managed by Climate Policy Initiative (CPI) and was founded in 2017 in partnership with the Indian Ministry of New and Renewable Energy, OPIC, IREDA, and leading U.S. Foundations.

"Distributed solar energy is critical for India's clean energy transition," Dhruba Purkayastha, USICEF Director at Climate Policy Initiative thought.