State-run PTC India Financial Services Ltd on Tuesday announced a partnership with International Finance Corporation (IFC) to fund renewable energy projects in India.
“This collaboration will help standardise steps that lenders take when co-financing projects with IFC. The ultimate aim is to make local currency financing available in shorter time-frames and reduce financing costs for borrowers, enabling them to operationalise projects faster,” the company said in its press note on Tuesday.
With this, PTC India Financial will become the first institution to sign a master cooperation agreement with IFC. Since the master cooperation agreement was created in 2009, signatories have co-invested more than $3 billion with IFC to support private sector development across the world.