REC Limited Secures Landmark JPY 31.96 Billion Green Loan from Deutsche Bank
The loan is designated to fund eligible green projects in India, aligning with REC's Green Finance Framework and reinforcing its commitment to sustainable development.
July 12, 2024. By News Bureau
The company is a prominent player in India's power sector, has achieved a significant milestone by securing a green loan amounting to JPY 31.96 billion (approximately USD200 million) from Deutsche Bank AG, GIFT City Branch.
Since its first of its kind of collaboration between an entity of the Government of India and Deutsche Bank AG, it has set a precedent in the Indian public sector for green finance initiatives. The loan is designated to fund eligible green projects in India, aligning with REC's Green Finance Framework and reinforcing its commitment to sustainable development.
Speaking on this occasion, Vivek Kumar Dewangan, IAS, Chairman and Managing Director, REC said, “This successful transaction is in line with REC’s commitment to enhance its capabilities in green energy financing and sustainable projects, as well as the global community’s support for sustainable development projects in India. This benchmark transaction is expected to pave the way for more such collaborations in the future that can help achieve the nation’s goals in green sector financing.”
Kaushik Shaparia, CEO, Deutsche Bank Group, India, further said, “Our collaboration with REC underlines our firm commitment to advance environmentally responsible initiatives and promote sustainable financing in India. This transaction reinforces Deutsche Bank’s expertise in green lending, demonstrating our ability to assist clients in their transition towards a carbon-free future.”
Overall, the REC-Deutsche Bank green loan facility not only facilitates crucial funding for environmentally friendly projects but also underscores the growing momentum towards sustainable finance solutions in India's infrastructure landscape.
please contact: contact@energetica-india.net.
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