New Delhi: In a major push to accelerate India’s clean energy transition, Power Finance Corporation Limited (PFC) has entered into a strategic collaboration with Export Finance Australia (EFA) and Citi to raise USD 180 million for green infrastructure development across the country.
The partnership marks a significant milestone as it is EFA’s first-ever financing initiative in India, signaling growing global confidence in India’s renewable energy landscape.
EFA’s Maiden India Deal Unlocks Global Capital for Clean Projects
Under the agreement, Export Finance Australia (EFA) — the Australian Government’s official export credit agency — has provided a guarantee that enabled PFC to raise USD 180 million from Citi. Citi acted as the Sole Export Credit Agency (ECA) Coordinator and Lead Arranger for the facility.
This collaboration not only facilitates funding for sustainable infrastructure but also marks Australia’s deeper engagement with India’s rapidly growing clean energy sector, especially in the areas of renewable energy, energy efficiency, and clean transportation.
Funds to Be Channelled into Green Infrastructure Across India
The raised funds will be deployed to support green infrastructure projects across India, aligning with the nation’s commitments under its climate goals and energy transition agenda. Projects eligible under this funding include solar, wind, hybrid energy systems, grid modernization, clean mobility, and energy-efficient technologies.
This aligns with India’s goal to achieve 500 GW of non-fossil fuel capacity by 2030, as part of its Nationally Determined Contributions (NDCs) under the Paris Agreement.
High-Level Signing Ceremony Reflects Growing Bilateral Cooperation
The loan agreement was formally signed on September 30, 2025, by PFC Chairman and Managing Director Parminder Chopra and Citi’s MD and CEO (India). The event was attended by Australia’s Deputy High Commissioner to India Nick McCaffrey, highlighting the diplomatic significance of the partnership.
Senior officials from PFC were also present, including:
- Sandeep Kumar, Director (Finance)
- Jasneet Guram, Executive Director (Finance)
- RK Chaturvedi, Executive Director (Projects)
PFC CMD: Collaboration Reflects Global Confidence in India’s Green Future
Speaking at the event, PFC CMD Parminder Chopra said:
“We are delighted to partner with Export Finance Australia on its maiden transaction in India, which reflects growing confidence among global financial institutions in India’s clean energy goals. This collaboration not only expands PFC’s access to competitive, long-term funding but also strengthens India–Australia cooperation in sustainable finance.”
She further added that the agreement underscores PFC’s commitment to diversifying its funding sources, building global partnerships, and supporting India’s transition to a low-carbon economy.
About PFC
Power Finance Corporation Limited (PFC) is a leading public sector undertaking (PSU) under the Ministry of Power, Government of India, and one of the largest non-banking financial companies (NBFCs) in the country. It plays a pivotal role in funding power sector projects, including generation, transmission, distribution, and increasingly, clean and renewable energy initiatives.
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