PTC India Financial Services ties up with GGGI to set up renewable energy-focused infra fund

Infrastructure finance firm PTC India Financial Services (PFS) has signed an agreement with the Global Green Growth Institute for setting up a renewable energy-focused infrastructure debt fund. Under the pact, GGGI (Global Green Growth Institute) will provide technical support to PFS for the development and establishment of Renewable energy focused Infrastructure Debt Fund (RIDF).

Discussions during a meeting between PFS representatives and 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 RIDF, a company statement said.

PFS, a non-banking infrastructure finance company, and GGGI -- an international, inter-governmental organisation -- signed a memorandum of understanding wherein technical support would be provided by GGGI to PFS for the development and establishment of renewable energy focused fund, it said.

According to the statement, the dialogue further focused on exploring the investment potential of green climate funds available in India and expanding the scope of the RFID 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.

Pawan Singh, MD & CEO of PFS, said in the statement, "Our collaboration with GGGI is an important step towards helping developing countries achieve their carbon-neutral goals and promote environmental sustainability projects."

The GGGI also expressed interest in exploring the options of forming an Alternate Investment Fund (AIF) in tandem with the infrastructure debt fund to leverage emerging market opportunities in the infrastructure space, the statement said.