London Stock Exchange welcomes Power Finance Corporation Limited to celebrate its green bond issuance

Power Finance Corporation Limited ("PFC"), a listed Navratna Public Sector Enterprise under Ministry of Power, Government of India, has issued a Green USD denominated 10 year Reg S bonds amounting to US $400mn with a 3.75% annual yield.

The bond offering was able to garner support from high quality investors across Asia and Europe. The offering is Climate Bonds Initiative certified and listed on the London Stock Exchange (LSE) and Singapore Stock Exchange as well. The proceeds will be used for on-lending to renewable energy projects and refinancing of existing renewable energy project loans already funded by PFC.

PFC is a Non-Banking Financial Company and classified as Infrastructure Finance Company by RBI. The company's main objective is to finance an entire value chain in Power Sector and it provides financing to various state power utilities, private sector project developers, central power sector utilities and state governments for investments in the power sector. The company also acts as a nodal agency for various Government of India initiatives and flagship programs for overall development of Power Sector and has an outstanding loan book of $40.3bn and a market capitalisation of $5.2bn.

Mr. Rajeev Sharma, Chairman and Managing Director, PFC on the occasion of listing of its Green bond on LSE said:
The PFC team is delighted to be welcomed to the London Stock Exchange today in celebration of its Green bond listing. The funds raised will help promote renewable energy projects across the country and aid in achieving the Government’s target of 175GW of installed renewable energy capacity by 2022. The bond issuance allows PFC to access a new offshore investor base and also diversify its funding sources."