PTC India Financial Services (PFS) has executed a loan agreement with International Finance Corporation (IFC) for borrowing up to Rs 1,620 million to finance the renewable projects.
The loan is repayable in 36 quarterly installments with a three year moratorium on principal repayments and is availed at fixed interest rate on fully hedged basis. PFS has earlier availed a loan of $50 million from IFC and $26 million from DEG.
PFS is an Indian non-banking finance company promoted by PTC India and classified as Infrastructure Finance Company by the Reserve Bank of India.
