Government of Goa and PFC Forge Historic Partnership to Pioneer Subnational Blended Finance Facility for Climate Action

New Delhi, February, 2024.

Power Finance Corporation (PFC), a leading NBFC and the largest Renewable financier in India has signed a Memorandum of Understanding (MoU) in the presence of Hon’ble Chief Minister of Goa, Dr Pramod Sawant to support Goa’s climate ambitions under the Blended Finance Facility being setup by Government of Goa in partnership with World Bank. This collaboration marks a historic milestone in green financing, as PFC through this initiative lends its financial expertise to drive climate initiatives and catalyze energy transition through emerging technologies. This initiative is an innovative partnership betweenGovernment 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.

Under the MoU, PFC, through innovative blended finance mechanisms in cooperation with this facility, will fund key climate projects such as renewable energy, green hydrogen, electric vehicles, waste-to-wealth technology and nature-based solutions leading to Energy Transition. The Government of Goa 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 collaboration signifies a transformative approach to climate action, driven by PFC and the Government of Goa. By pooling resources and expertise, both entities aim to advance sustainable development, pioneering blended financing facility in India and attract private sector investment in climate initiatives, contributing to India’s ambitious net-zero goals.

India is committed to achieving ‘Panchamrit’ and net-zero emissions by 2070; PFC is going to play a pivotal role in aligning with the government’s commitment to net-zero through this milestone initiative in the area of blended financing for achieving energy transition.” said Smt. Parminder Chopra, CMD PFC.