New Delhi: State-owned Power Finance Corp. (PFC) on Tuesday said it has formed two wholly-owned subsidiaries for setting up electricity generation and transmission projects.

The two special purpose vehicles (SPVs)—Odisha Generation Phase-II Transmission and Warora-Kurnool Transmission—have been incorporated as wholly-owned subsidiaries of PFC Consulting, a wholly-owned arm of Power Finance Corp., the company said in a regulatory filing to BSE.

It had earlier said it has surpassed its loan sanction target by 5,000 crore to hit 60,000 crore for 2014-15. PFC is engaged in funding various power projects in generation, transmission and distribution sectors. The shares of the company closed at 277.15 on BSE, up 0.86%.