PFC inks US$180m deal with Export Finance Australia and Citi to pace up clean energy

New Delhi:  Power Finance Corporation Ltd. (PFC), the country’s large Maharatna CPSE  has partnered with Export Finance Australia (EFA), the Australian Government’s export credit agency, to secure an ECA-backed financing facility from Citi, who acted as the Sole ECA Coordinator and Lead Arranger for the facility according to a company press release.

This transaction marks EFA’s first-ever financing initiative in India,  entry into one of the world’s fastest-growing renewable energy markets and underscoring its commitment to supporting sustainable infrastructure globally. The partnership also reflects the strengthening of economic and strategic ties between India and Australia in advancing clean energy cooperation.

EFA  guarantees to support PFC in raising USD 180 million from Citi. The funds will be deployed towards green infrastructure projects, including renewable energy, energy efficiency, and clean transportation initiatives across India.

The Loan Agreement was signed  Tuesday by Mrs. Parminder Chopra, CMD and  K Balasubramanian, MD, India CEO, Citi in the presence of  Nick McCaffrey, Australia’s Deputy High Commissioner. The signing ceremony was also attended by Sandeep Kumar, Director (Finance),Ms. Jasneet Guram, ED (Finance),   R.K. Chaturvedi, ED (Projects), PFC, and other senior officials from Citi.

Mrs. Parminder Chopra, CMD, PFC,  outlined:“We are delighted to partner with EFA on its maiden transaction in India, which reflects growing confidence among global financial institutions in India’s clean energy goals. This collaboration not only expands PFC’s access to competitive, long-term funding but also strengthens India–Australia cooperation in sustainable finance. This partnership underscores PFC’s  focus on diversifying its funding sources, building global partnerships, and to support India’s transition to a low-carbon economy”