PFC

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REC and PFC incorporate new subsidiaries for transmission projects
By October 1, 2025October 1, 2025

REC Limited and Power Finance Corporation Limited (PFC) have announced the formation of new wholly owned subsidiaries to serve as project vehicles for upcoming power transmission schemes in Karnataka, Rajasthan, and Maharashtra. REC has incorporated Kempegowda Power Transmission Limited and Barmer HVDC Power Transmission Limited as subsidiaries of REC Power Development and Consultancy Limited (RECPDCL), a wholly owned arm of REC. Kempegowda Power Transmission Limited was formed to serve as the special purpose vehicle (SPV)…

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REC and PFC form SPVs for new RE transmission projects in Karnataka
By September 26, 2025September 26, 2025

REC Limited and Power Finance Corporation Limited (PFC) have incorporated wholly-owned subsidiaries to develop transmission infrastructure for additional renewable energy (RE) capacity in Karnataka. Both companies will serve as Bid Process Coordinators (BPCs) under the Tariff Based Competitive Bidding (TBCB) framework. REC Power Development and Consultancy Limited (RECPDCL), a subsidiary of REC, has formed Bellary Davanagere Power Transmission Limited. The project, titled “Transmission system strengthening for integration of additional RE potential at Davanagere (0.25 GW)…

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PFC and JBIC sign loan agreement for bamboo-based bio ethanol project in Assam
By September 1, 2025September 1, 2025

Power Finance Corporation Limited (PFC) has signed a loan agreement worth about Rs 32 billion with the Japan Bank for International Cooperation (JBIC) to fund a bamboo-based bio ethanol and chemicals project in Assam. The financing will support Assam Bio Ethanol Private Limited’s second-generation plant, which will use bamboo as feedstock to produce bioethanol and chemicals. The agreement was signed under JBIC’s Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) initiative. The loan…

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PFC secures EUR 150 million loan from KfW for RDSS
By August 25, 2025August 25, 2025

Power Finance Corporation Ltd (PFC) has signed a loan agreement worth EUR 150 million with Germany’s KfW on August 21, 2025. The funds will be deployed under the Revamped Distribution Sector Scheme (RDSS) to improve the efficiency of state power distribution companies. The agreement extends the partnership between India and Germany in the energy sector, where PFC and KfW have previously collaborated on several distribution projects. The new facility is expected to support India’s energy…

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PFC incorporates SPV for transmission project between SR Grid and ER Grid
By August 25, 2025August 25, 2025

Power Finance Corporation Ltd (PFC) has announced the incorporation of SR and ER Power Transmission Limited as a wholly owned subsidiary of PFC Consulting Ltd, according to its stock exchange filing dated August 22, 2025. The special-purpose vehicle has been created for the development of the “Inter-Regional Strengthening between SR Grid and ER Grid” project. The scheme has an estimated cost of Rs 27.1 billion. The Ministry of Power, through a gazette notification issued on…

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REC and PFC post Q1 results with record profits
By August 7, 2025August 7, 2025

REC Limited and Power Finance Corporation (PFC) have both posted significant profit growth for the first quarter of FY26. REC reported its highest-ever quarterly net profit of Rs 4,451 crore, marking a 29 per cent rise compared to the previous year. Disbursements for the quarter reached Rs 59,508 crore, a 36 per cent increase year-on-year. Project sanctions crossed Rs 1 lakh crore, with distribution projects comprising 43 per cent and renewable energy 20 per cent…

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PFC transfers Angul Sundargarh transmission project to HG Infra
By July 31, 2025July 31, 2025

Power Finance Corporation Ltd (PFC) has transferred its subsidiary, Angul Sundargarh Transmission Ltd, to HG Infra Engineering Ltd. Angul Sundargarh Transmission Ltd is a special purpose vehicle (SPV) for the Eastern Region Generation Scheme-I (ERGS-I), a central transmission project. The handover was completed on July 28, 2025, under a signed Share Purchase Agreement. The selection was based on tariff-based competitive bidding. HG Infra emerged as the lowest bidder (L-1) by quoting Rs 431.11 million annually…

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PFC transfers two transmission subsidiaries to private bidders
By July 28, 2025July 28, 2025

Power Finance Corporation Ltd (PFC) has transferred ownership of two wholly owned subsidiaries, Raghanesda RE Transmission Ltd and NER Expansion Transmission Ltd, to private entities through tariff-based competitive bidding, according to a regulatory filing dated July 24. NER Expansion Transmission Ltd, the project special purpose vehicle (SPV) for the North-Eastern Region Expansion Scheme – XXV Part-A (NERES-XXV Part-A), has been acquired by Resonia Ltd. The SPV was transferred on July 23, 2025, at a winning…

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PFC withdraws Rs 20 billion zero-coupon bond issue
By June 13, 2025June 13, 2025

Power Finance Corporation Limited (PFC) has withdrawn its proposed zero-coupon bond issuance of up to Rs 20 billion due to weak investor demand and higher-than-expected yield quotes. The issuance was structured with a base size of Rs 5 billion and a green shoe option of Rs 15 billion. It received bids worth Rs 14.7 billion from 28 applications, with yields ranging between 6.20 per cent and 7.02 per cent. However, PFC decided not to proceed,…

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PFC, Gensol, KPIL report income growth in Q3 FY25
By February 17, 2025February 17, 2025

Power Finance Corporation Limited (PFC) reported a net profit of Rs 77.6 billion for the quarter ending December 2024, marking a 23.29 per cent increase from Rs 62.94 billion in the same quarter last year. The company’s total income grew by 13.69 per cent to Rs 268.22 billion from Rs 235.93 billion in the corresponding period of the previous year. Gensol Engineering Limited posted a net profit of Rs 0.18 billion in Q3 FY25, reflecting…

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