Power Finance Corporation (PFC) has signed a pact with NHPC Ltd to provide funds for the development of hydro projects.

It will also provide financial assistance for the acquisition of stressed projects, PFC said in a release.

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The pact will further boost the long-standing association between PFC and NHPC and will herald a transformational opportunity between the two organisations. The association will also serve to facilitate knowledge and technology transfer, contributing to sustainable development initiatives in the country, the release added.

NHPC, a mini-ratna central public sector enterprise or CPSE, is engaged in development of hydropower in India and has also expanded into solar wind power. It also provides consultancy services to hydro power and renewable energy projects.