Goa: Power Finance Corporation (PFC), India’s leading NBFC, power sector PSU, and the largest renewable energy financier, has joined forces with the Government of Goa to bolster the state’s climate ambitions. The collaboration comes under the newly established Blended Finance Facility, a partnership between the Government of Goa and The World Bank, aimed at promoting low-carbon, climate-resilient development.
In a significant move towards sustainable development, PFC has signed a Memorandum of Understanding (MoU) with the Government of Goa to leverage innovative blended finance mechanisms. The collaboration will focus on funding crucial climate projects, including renewable energy, green hydrogen, electric vehicles, waste-to-wealth technology, and nature-based solutions, contributing significantly to the energy transition.
Under the agreement, the Government of Goa will take the lead in identifying and developing a pipeline of climate projects. Additionally, it will play a pivotal role in promoting policy decisions and facilitating stakeholder collaboration to ensure the successful implementation of the facility. PFC and the Government of Goa will pool resources and expertise to advance sustainable development goals, setting a precedent for blended financing facilities in India.
The MoU signing ceremony took place at the two-day India Climate and Development Partners’ Meet in Goa, with the Chief Minister of Goa, Dr. Pramod Sawant, overseeing the event. The agreement aligns with India’s commitment to achieving ‘Panchamrit’ and Net Zero emissions by 2070, with PFC playing a central role in supporting the government’s efforts through this milestone initiative in blended financing for energy transition.
Speaking about the collaboration, CMD, PFC, Smt. Parminder Chopra, stated, “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.”
The historic collaboration between PFC and the Government of Goa signifies a crucial step in green financing. PFC, with its financial expertise, aims to drive climate initiatives and catalyze energy transition through emerging technologies. The initiative stands as an innovative partnership between the Government of Goa, The World Bank, and leading financial institutions, including PFC, SIDBI, and NABARD, to finance climate action priorities, contributing significantly to India’s ambitious net-zero goals.