Multi-currency funding to expand PFC operations
Power Finance Corp (PFC), a leading NBFC in Indian power and infrastructure sector, has closed issuance of largest-ever foreign currency term loan of US$1.265 billion through a facility agreement with multiple banks based in IFSC GIFT City, Gandhinagar, the Power Ministry said on 4 Oct.
The loan will primarily be deployed towards financing assets other than thermal generation projects, furthering PFC’s strong commitment to decarbonization and the transition to green energy nseindia .
The multi-currency funding will enable PFC to expand its operations, enhance its market presence, diversify its funding sources and maintain a competitive edge bseindia .
The floating rate loan, presently at average rate of 4.21% per annum, denominated in G3 currencies—USD, EUR, and JPY—has a 5-year tenor and is linked to external benchmark rates such as SOFR for USD, EURIBOR for EUR, and TONA for JPY. SBI, IDBI, Axis, MUFG, Deutsche & SMBC were the bankers iba.org.in to the issue with SBI being the largest lender and also acting as facility agent for this transaction sbi.com.in . Fiinews.com
