Renewable Energy Funding to Be Doubled by India State Lender
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Power Finance Corp., India’s largest state-run lender to electricity utilities, plans to more than double lending for renewable energy projects within a year as coal-fired plants become riskier investments.
The company’s approved loans to projects, particularly solar and wind plants, will increase to 15 billion rupees ($305 million), or 4 percent of the total in the next financial year, from 6.75 billion rupees, or just 1.2 percent in the year ending in March, Chairman Satnam Singh said. The company does not plan to increase its total loan outlays of 450 billion rupees in 2013, he said.