On July 24, 2023, Power Finance Corporation (PFC) shares gained 3% to hit a 52-week high of Rs 234.20, with about 22 lakh shares changing hands on the NSE. The company signed 19 contracts of Rs 2.37 lakh crore in the clean energy space.

These agreements are part of the company’s plan to become the leading funding agency for the energy transition. Thus, the contracts were signed with companies in the sectors including solar, wind, green hydrogen, battery storage, and electric vehicles space with green energy equipment manufacturers.

PFC recently expanded its loan portfolio into infrastructure missions, which include refineries, ports, roads, metro and biofuels, and waste-to-energy plans.

Parminder Chopra, the presiding chairman and managing director, said that the company is awaiting the Reserve Bank’s approval for unveiling a subsidiary from the International Financial Services Centre in Gandhinagar, Gujarat.

On July 21, 2023, the company launched a Rs 500 crore non-convertible debenture (NCD) public issue with a greenshoe option of Rs 4,500 crore, successfully making it a Rs 5,000 crore issue.

Three rating agencies – CARE Ratings, CRISIL and ICRA – have regarded the NCDs ‘AAA’ with a stable outlook, a scarcity for an NCD issue. The rating designates the highest degree of safety concerning the timely servicing of financial obligations.