REC Raises USD 500 Million Via 5-Year Green Bonds
REC Ltd. has raised USD 500 million through Green Bonds. Bond proceeds will be used to finance green projects in accordance with REC’s Green Finance Framework.
September 30, 2024. By Mrinmoy Dey
The 5-year benchmark has a semi-annual coupon rate of 4.75 percent per annum and matures on September 27, 2029. This was the first USD bond issuance from an Indian PSU in 2024, REC said in a statement.
The company has further shared that the bond proceeds will be used to finance eligible green projects, in accordance with REC’s Green Finance Framework as per Green Bond principles of Climate Bond Initiative, London and RBI’s ECB Guidelines, with a second-party opinion from Sustainable Fitch.
“The final order book was oversubscribed by more than 1.9 times, allowing REC to achieve the tightest spread ever of 127.5 bps over the US treasury, by an Indian NBFI for a 5-year USD issuance. This strong demand reflects confidence in REC's robust credit profile and India's commitment to green and sustainable infrastructure development,” it said.
please contact: contact@energetica-india.net.
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