PTC India Financial Services (PFS) and PFC Green Energy (PFC GEL), a wholly owned subsidiary of Power Finance Corporation, today signed a Memorandum of Understanding (MoU) for facilitating joint financing of renewable energy projects.

As per the MoU, both the companies have agreed to provide a single window to borrowers developing renewable energy projects under consortium financing to achieve speedy financial closure and avoid duplication of work. The MoU aims to boost the implementation and act as a catalyst to fast track renewable energy projects in the country.

R M Malla, managing director & CEO, PTC India Financial Services said, ''We hope that our ambitious pact with PFC Green Energy will boost the production of renewable energy as we leverage our respective strengths and competencies built over the years to provide financing for such projects. We are confident that given our expertise and robust appraisal systems, we will be able to quickly provide funding to quality projects backed by credible promoters."

Shares of PFS gained Rs 0.55, or 1.25%, to settle at Rs 44.50. The total volume of shares traded was 1,191,607 at the BSE (Wednesday).