To make a mark in the renewable energy sector, Power Finance Corporation (PFC) will incorporate a subsidiary to focus on non-conventional energy sources such as wind power, solar and biomass projects.
In 2009-10, PFC sanctioned Rs 603 crore for renewable energy projects and disbursed Rs 266 crore. In 2010-11, PFC is expected to sanction Rs 1,500 crore and disburse Rs 350 crore in the segment.
To focus more on the green segment, PFC has also signed a deal with Gujarat Energy Development Agency for development of renewable energy generation projects. In 2008-09, it had sanctioned Rs 560 crore for projects in the sector. It has also got a mandate to assist state power utilities to prepare clean development mechanism projects under the Kyoto Protocol.
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