The Power Finance Corporation (PFC), a government owned financial Institution, is planning to shift its investments away from conventional energy and towards renewable energy projects, last-mile transmission and distribution projects in addition to making existing thermal units more energy efficient and refinancing of old projects. The PFC is planning to finance power transmission projects awarded to private transmission project developers, through tariff based competitive bidding. Lagging power demand and rising non-performing assets (NPAs) in the thermal power sector has pushed it to revamp its lending portfolio.