Power Finance - Business Outrank

India’s Power Finance Corporation Ltd. (PFC) has, in turn, provided a $1.06 billion (Rs 9,261 crore) construction linked loan to Adani Green, which has now become one of the biggest loan deals in the renewable energy sector by the state owned lender, said sources familiar with the matter. The loan is fixed rate, 19 year loan, which PFC has agreed to hold until maturity. This is a big refinancing exercise as India looks to build up green energy investment as it seeks to cut carbon emissions and achieve its long term sustainability goals. As for the country, it is now the third largest carbon emitter and needs $12.4 trillion in investment to reach net zero emissions by 2070, as BNEF has reported. The loan refinancing also shows the funding problems of the Adani Group of companies, as offshore investors become wary after the DoJ probe. This has left the domestic financial institutions like PFC to come in and support large scale renewable energy projects. In January, PFC raised its biggest ever green financing package of ¥120 billion (Rs 6,500 crore) from JBIC, the Japan Bank for International Cooperation, to further establish itself as a provider of sustainable infrastructure funding. The refinancing deal was rated AA+ with stable outlook by three major credit agencies, which reenforced the confidence in the financial standing of the borrower. However, PFC or Adani Green has not responded to a request for comment on the transaction. PFC is thus continuing to play a significant role in India’s renewable energy sector in ensuring that vital projects get the financial back up they need to help fuel the country’s shift to clean energy.

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