REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, Government of India, has recently completed post-issuance assurance for its Green Bonds issued under the Green Finance Framework. The assurance covers USD 500 million raised in September 2024 and JPY 61.10 billion raised in January 2024.

The independent verification, conducted in line with the International Capital Market Association’s Green Bond Principles, confirmed that the entire net proceeds from both bond issuances have been fully allocated to eligible green projects consistent with REC’s approved framework.

REC’s inaugural Green Bond Impact Report for FY25 marks a step forward in transparent climate reporting, placing equal emphasis on accountability and ambition. Developed with international benchmarking and technical support from the Global Green Growth Institute (GGGI), the report builds on GGGI’s earlier role in reaffirming REC’s Green Finance Framework through the Second Party Opinion process.

The impact report introduces a dual methodology to assess climate benefits, distinguishing between financed impact, reflecting REC’s proportional funding share, and enabled impact, capturing the total additional generation and emissions reduction achieved beyond the financed portion. During FY25, 11 operational projects delivered financed emission reductions of 0.87 million tonnes of CO2 and enabled reductions of 1.34 million tonnes of CO?, supported by nearly one billion kWh of financed renewable generation across 2,032 MW of installed capacity.

Avoided emissions have been calculated using India’s official Combined Margin emission factor, with project-specific methodologies applied where appropriate. REC has also strengthened internal data controls to ensure transparency, excluding foreclosed projects and recording zero impact for assets under construction until commissioning.

REC’s green bond portfolio spans multiple states, with Rajasthan contributing the largest share of emission reductions, followed by Gujarat, Karnataka and Bihar, along with projects in Andhra Pradesh, Uttar Pradesh, Haryana and Maharashtra. The diversified portfolio includes renewable energy, biogas, pumped storage and low-carbon mobility projects such as e-buses and metro rail.

REC stated that the post-issuance assurance reinforces its commitment to sustainable finance, climate accountability and transparent reporting, while supporting India’s broader clean energy transition and long-term decarbonisation goals.