PFC inks MoU with Goa govt to fund climate projects
Power Finance Corp (PFC) on Tuesday signed a memorandum of understanding (MoU) with the Goa government to fund the state’s green energy ambitions through a blended finance facility. Under the MoU, PFC will provide financial support for Goa’s pivotal climate-related projects.
These include initiatives in renewable energy, green hydrogen, electric vehicles, converting waste to wealth, and nature-based solutions, all contributing to an energy transition. PFC through will lend its financial expertise to drive climate initiatives and catalyze energy transition through emerging technologies, said a company statement.
“This initiative is an innovative partnership between government of Goa and World Bank on the one hand and the leading financial institutions PFC, SIDBI and NABARD on the other to finance climate priorities," it said. The state government will facilitate the successful implementation of the facility by identifying and developing a pipeline of climate projects, promoting policy decisions and facilitating collaboration among stakeholders.
This joint effort by PFC and the Goa government seeks to promote sustainable development by introducing a blended financing model in India. The initiative aims to attract private sector investments towards climate actions, aligning with India’s ambitious net-zero objectives.
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