PFC secures $1.265 billion foreign loan for green energy projects
The loan is intended to finance projects outside the thermal generation sector, representing a significant advancement in PFC's commitment to supporting the transition to green energy. This financing is in line with the company's strategic initiatives to diversify its investment portfolio towards more sustainable and renewable energy sources.
The loan carries a floating interest rate of 4.21 per cent per annum and has a tenure of five years. It is denominated in G3 currencies—USD, EUR, and JPY—and is benchmarked against external rates such as SOFR for USD, EURIBOR for EUR, and TONA for JPY. The banks involved in this substantial transaction include SBI, IDBI, Axis, MUFG, Deutsche, and SMBC. SBI not only served as the primary lender but also took on the role of the facility agent.