PTC Financial Services (PFS) is setting up India’s first infrastructure development debt fund, solely for renewable energy projects, in partnership with UK Climate Investments LLP (UKCI) and Department for International Development (DFID), UK. The company has raised Rs 400 crore from State Bank of India under the credit enhancement scheme, enabling it to raise bonds worth Rs 2,000 crore.
had last gone for a domestic bond issue in 2012, when it came up with an infrastructure bond under section 80CCF of the Income Tax Act that allowed exemption for investment in these bonds.
The Renewable Infrastructure Development Fund (RIDF) will be set up with an initial corpus of Rs 500 crore and managed by a separate company. “RIDF will do debt financing for renewable projects that are commissioned and operational for one year,” Pawan Singh, managing director and chief executive of PFS, told Business Standard.
