PFC floats bids to evacuate 7 GW of renewable power

PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation (PFC) has requested proposals to design an interstate transmission system (ISTS) to evacuate 7 GW of power from the Khavda Renewable Energy Park. According to the tender guidelines, the transmission projects will be built, owned, operated, and transferred. Within ten days of the letter of intent, the successful bidder must submit Rs 500 million to the nodal agency as a contract performance guarantee. The project must be completed within 24 months of the transmission service agreement being signed. The deadline for submitting proposals is July 18, 2023.

Recently in April 2023, PFC sanctioned a loan of Rs 6.33 billion to Gensol Engineering Limited. The loan intends to purchase 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs. The passenger EVs will be leased to Blusmart Mobility Private Limited to expand its fleet of ride-hailing cabs.

Also, in March 2023, PFC signed a loan agreement worth $20.2 million with Japan Bank for International Corporation (JBIC). The funds raised will be used by PFC to finance its renewable energy portfolio and provide competitive rates. JBIC agreed to finance some of PFC’s clean projects aimed at reducing greenhouse gas emissions while establishing sustainable solutions in environmentally friendly operations.