REC secures JPY 31.96 billion green loan from Deutsche Bank AG

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REC Ltd, a non-banking finance company under India’s Ministry of Power, has secured a green loan of JPY 31.96 billion (equivalent to $200 million) to finance eligible green projects in India. The green loan transaction was done by Deutsche Bank AG through its GIFT City branch.

“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,” stated REC.

The facility also marks one of the first JPY-denominated green loan transaction for Deutsche Bank AG, GIFT City.

Vivek Kumar Dewangan, chairman and managing director, 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.”

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.”

 

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