REC Limited, a prominent player in India’s power sector, has achieved a significant milestone in sustainable development by securing a green loan of JPY 31.96 Billion (approximately USD 200 million) to fund eligible green projects in the country. This strategic financing underscores REC’s commitment to fostering sustainable growth in line with its Green Finance Framework.
This green loan marks a pioneering collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch, setting a new standard in green financing within the Indian public sector. It also represents one of Deutsche Bank AG’s initial JPY-denominated green loan transactions from its GIFT City branch.
The initiative reflects REC Limited’s and its partners’ dedication to supporting projects that adhere to rigorous environmental standards, promote renewable energy, and contribute to carbon emission reduction across India. Moreover, it highlights the increasing momentum towards green financing and the collaborative efforts of stakeholders in addressing environmental challenges.
Mr. Vivek Kumar Dewangan, IAS, CMD of REC, commented, “This successful transaction aligns with REC’s commitment to bolster its financing for green energy and sustainable projects, while also garnering global support for sustainable development initiatives in India. This landmark transaction is expected to pave the way for future collaborations aimed at advancing the nation’s green financing objectives.”
Mr. Kaushik Shaparia, CEO of Deutsche Bank Group India, stated, “Our partnership with REC underscores Deutsche Bank’s steadfast commitment to advancing environmentally responsible initiatives and promoting sustainable financing within India. This transaction underscores our expertise in green financing and our capability to assist clients in their journey towards a carbon-neutral future.”
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