PFS Inks MoU with Global Green Growth Institute to Setup Renewable Energy Focused Fund

In order to set up the renewable energy-focused fund, PTC India Financial Services (PTC), a non-deposit-taking NBFC, has signed a Memorandum of Understanding (MoU) with Global Green Growth Institute (GGGI) - an international, inter-governmental organization.

As per the signed MoU, GGGI will provide technical assistance support to PFS for the development and establishment of the Renewable energy Focused Fund.

Discussions during a meeting between PFS representatives and Dr. Frank Rijsberman, Director-General, GGGI, centred on facilitating measures to support the efforts of developing countries in responding to the challenge of climate change and attracting prospective global investors to the fund.

The dialogue further focused on exploring the investment potential of green climate funds available in India and expanding the scope of the fund to boost sunshine sectors like e-mobility in emerging economies like India, with a keen focus on mitigating the risk of climate change. With the PFS well-positioned in sustainable financing, the assistance may be of broader help to PFS.

Commenting on the development, Dr. Pawan Singh, MD & CEO at PTC India Financial Services Ltd, said “with a firm emphasis on reducing their carbon footprint and improving energy efficiency, emerging economies like India are focusing on mobilizing investment to build a robust green infrastructure. Our collaboration with GGGI is an important step towards helping developing countries achieve their carbon-neutral goals and promote environmental sustainability projects.”

Further, it was discussed that this collaboration comes at a time when the world around is facing climate change and affecting economies. The collaboration with PFS would help the affected economies.

GGGI also displayed interest in exploring the options of forming an Alternate Investment Fund (AIF) in tandem with the IDF to leverage emerging market opportunities in the infrastructure space. Global investors are keen to explore the green bond route and invest in developing countries. PFS could also be a keen investment target for the Green Exim Bank to deploy funds for investing in green projects.