Power Finance Corp. has signed a Memorandum of Understanding worth Rs 25,000 crore with the Gujarat government to provide "comprehensive" financial backing for generation, transmission and distribution projects.
The MoU was signed by PFC Chairperson Parminder Chopra and Jai Prakash Shivhare, managing director of Gujarat Urja Vikas Nigam Ltd., in the presence of Chief Minister Bhupendra Patel in Gandhinagar.
The collaboration is set to facilitate long-term debt and other critical funding necessities vital for executing these diverse projects, the Ministry of Power said in its press release on Wednesday.
The alliance will help in creating around 10,000 employment opportunities in Gujarat and is expected to usher in a "new era" of energy sustainability and efficiency, it said.
"This substantial financial commitment underscores PFC's steadfast commitment to bolstering the power infrastructure in the region and supporting the state's ambitious initiatives in the power sector," the statement said.
Shares of PFC closed 1.10% higher at Rs 393.95 apiece on the NSE, as compared with a 0.69% decline in the benchmark Nifty 50.
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