Power Finance hits 52-week high on Rs 2.37-lakh-crore green energy deals

Shares of Power Finance Corporation (PFC) gained over 3 percent to scale a 52-week high of Rs 234.20 at 9:20am on July 24, with 22 lakh shares changing hands on the NSE. The company has signed 19 contracts worth Rs 2.37 lakh crore in the clean energy space.

These agreements, part of the company’s plan to position itself as the leading funding agency for energy transition, were signed with companies in the solar, wind, green hydrogen, battery storage, and electric vehicles space as well as green energy equipment manufacturers.

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PFC recently diversified its loan portfolio into infrastructure projects, such as refineries, ports, roads, metro and biofuels, and waste-to-energy projects.

Parminder Chopra, the officiating chairman and managing director, had earlier this week said the state-run company is awaiting the Reserve Bank’s approval to launch a subsidiary from the International Financial Services Centre in Gandhinagar.

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

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

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