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Power Finance Corp. raises $1.27 billion foreign currency term loan to fuel its green energy transition | Mint

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- Power Finance Corporation (PFC) has raised a foreign currency term loan of $1.27 billion, the largest by a public sector undertaking, to finance its green energy transition. - The transaction was executed through a facility agreement with multiple banks in IFSC GIFT City, enabling PFC to expand operations, diversify funding, and maintain a competitive edge. - The loan has a 5-year tenor, a floating interest rate of 4.21% per annum, and is denominated in USD, EUR, and JPY. - SBI, IDBI, Axis, MUFG, Deutsche & SMBC were the bankers involved, with SBI acting as the largest lender and facility agent. - India's climate action targets include achieving net-zero emissions by 2070, raising non-fossil energy capacity to 500 GW by 2030, and meeting 50% of energy demand through renewables by 2030.