PFC raises $1.27 billion loan facility

Power Finance Corporation (PFC) has raised a foreign currency term loan aggregating to $1.27 billion through a facility agreement with multiple banks based in IFSC GIFT City, Gandhinagar, including State Bank of India (SBI) being the largest lender and acting as a facility agent for the transaction. Other lenders were Industrial Development Bank of India (IDBI), Axis Bank, Mitsubishi UFJ Financial Group (MUFG), Deutsche Bank and Sumitomo Mitsui Banking Corporation (SBMC). The proceeds will be used to finance the green energy transition by expanding operations, enhancing market presence and diversifying its funding sources.