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Power Finance to Set Up Renewable Energy Unit, Fund Asia Plants

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July 18 (Bloomberg) -- Power Finance Corp., India’s largest lender to utilities, will set up a unit to fund renewable-energy projects as the nation seeks to cut pollution from generation.

The lender, based in New Delhi, is waiting for central bank approval for the unit to be capitalized at 12 billion rupees ($269 million), Chairman Satnam Singh said in the city today.

Power Finance approved 10 billion rupees of loans to renewable projects such as wind farms last year. The company’s current loans will be transferred to the new unit, Singh said.

-- With assistance from Natalie Obiko Pearson in Mumbai. Editors: Tony Barrett, Alex Devine.

To contact the reporter on this story: Kartikay Mehrotra in New Delhi at kmehrotra2@bloomberg.net.

To contact the editor responsible for this story: Sam Nagarajan at samnagarajan@bloomberg.net.

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