REC Limited avails green loan facility of JPY 31.96 Billion (USD 200 Million) from Deutsche Bank AG, Gift City Branch

REC Limited avails green loan facility of JPY 31.96 Billion (USD 200 Million) from Deutsche Bank AG, Gift City Branch

FPJ BureauUpdated: Thursday, July 11, 2024, 04:08 PM IST
article-image

In a significant step towards sustainable development in India, REC Limited, a leader in the Indian power sector, has successfully availed a green loan of JPY 31.96 Billion (equivalent to USD 200 million) to finance eligible green projects in India. This strategic investment reinforces REC’s commitment to foster sustainable growth, in alignment with the Company’s Green Finance Framework.  

This green facility is a first of its kind successful collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch. This facility sets a benchmark in the Indian public sector landscape for similar green financing transactions, highlighting a growing commitment to sustainable financing. The facility also marks one of the first JPY-denominated green loan transaction for Deutsche Bank AG, GIFT City.

This facility demonstrates dedication of REC Limited and its partners for supporting projects that meet rigorous environmental standards, promote renewable energy and contribute to reducing carbon emissions throughout India. Additionally, it also reflects the growing momentum towards green financing and the collective efforts of stakeholders to address environmental challenges.

Commenting on this occasion, Mr. Vivek Kumar Dewangan, IAS, CMD, REC said, “This successful transaction is in line with REC’s commitment to enhance its green energy financing and sustainable projects capabilities as well as the global community’s support for sustainable development projects in India. This benchmark transaction is anticipated to pave way for more such collaborations in future which can help in achieving nation’s goals in green space financing.

Mr Kaushik Shaparia, CEO, Deutsche Bank Group, India said, “Our collaboration with REC underscores our steadfast commitment to advancing environmentally responsible initiatives and promoting sustainable financing within India. This transaction reinforces Deutsche Bank’s expertise in green financing, demonstrating our ability to support clients in their transformation towards a carbon-free future.”

RECENT STORIES

DMA honours Dr. Sara George Muthoot on its 75th Anniversary

DMA honours Dr. Sara George Muthoot on its 75th Anniversary

Broadway gives wings to brands; ushers in a new era for physical retail

Broadway gives wings to brands; ushers in a new era for physical retail

JNPA contributes Rs 3.5 cr towards education at EMRS as part of CSR initiative

JNPA contributes Rs 3.5 cr towards education at EMRS as part of CSR initiative

Ranjeet Mane, The Green Guardian: A Testament to Environmental Stewardship

Ranjeet Mane, The Green Guardian: A Testament to Environmental Stewardship

Central Railway’s mountaineers to scale Mt. Tololing & Point 5140 m Peaks in the Drass-Kargil...

Central Railway’s mountaineers to scale Mt. Tololing & Point 5140 m Peaks in the Drass-Kargil...