21 Feb 2024
On Tuesday, the Power Finance Corporation (PFC), a state-owned entity, entered into a memorandum of understanding (MoU) with the Government of Goa to finance the state's green energy initiatives through a blended finance facility.
As per the MoU, PFC shall provide financial assistance for crucial climate-related initiatives in Goa. These include renewable energy, green hydrogen, electric vehicles, converting waste to wealth, and nature-based solutions, all of which are contributing to the energy transition.
A company statement stated that PFC will lend financial expertise to drive climate initiatives and catalyse the energy transition through emerging technologies. "This initiative is a ground-breaking collaboration between the Government of Goa and the World Bank on the one hand and leading financial institutions such as PFC, SIDBI, and NABARD on the other to fund climate-related priorities," it said.
The state government will aid in the successful implementation of the facility by identifying and assembling a list of climate-related projects, promoting policy decisions, and fostering partnerships among all stakeholders.
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