REC secures $100 mn loan from EXIM Bank for infrastructure financing
POWER & RENEWABLE ENERGY

REC secures $100 mn loan from EXIM Bank for infrastructure financing

REC Limited, the Maharatna Central Public Sector Enterprise under the Ministry of Power, has signed a Foreign Currency Term Loan Agreement for $100 million, with Export Import Bank of India (EXIM Bank). The proceeds of the loan will be used towards refinance for on-lending to REC’s borrowers in power, infrastructure and logistics sectors for importing capital equipment. The funds will be raised as part of REC's Market Borrowing Programme of Rs 1.20 trillion  for the year 2023-24.

This is the first term loan being extended by EXIM Bank to REC. The loan has been tied up for a 5-year tenor and is benchmarked to SOFR (Secured Overnight Financing Rate), which is the benchmark rate for the loans denominated in USD.

Commenting on the occasion, Chairman and Managing Director, REC, Shri Vivek Kumar Dewangan said, “We are delighted to partner with EXIM Bank of India to bridge the financing needs of power, infrastructure and logistics sectors and sign the loan agreement for $100 Million.”

REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years of operations. It provides financial assistance to state electricity boards, state governments, central / state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. REC’s funding illuminates every fourth bulb in India. REC has recently diversified into financing infrastructure and logistics sector as well.

REC Limited, the Maharatna Central Public Sector Enterprise under the Ministry of Power, has signed a Foreign Currency Term Loan Agreement for $100 million, with Export Import Bank of India (EXIM Bank). The proceeds of the loan will be used towards refinance for on-lending to REC’s borrowers in power, infrastructure and logistics sectors for importing capital equipment. The funds will be raised as part of REC's Market Borrowing Programme of Rs 1.20 trillion  for the year 2023-24.This is the first term loan being extended by EXIM Bank to REC. The loan has been tied up for a 5-year tenor and is benchmarked to SOFR (Secured Overnight Financing Rate), which is the benchmark rate for the loans denominated in USD.Commenting on the occasion, Chairman and Managing Director, REC, Shri Vivek Kumar Dewangan said, “We are delighted to partner with EXIM Bank of India to bridge the financing needs of power, infrastructure and logistics sectors and sign the loan agreement for $100 Million.”REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years of operations. It provides financial assistance to state electricity boards, state governments, central / state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. REC’s funding illuminates every fourth bulb in India. REC has recently diversified into financing infrastructure and logistics sector as well.

Next Story
Infrastructure Urban

Gurugram to Launch Real-Time Waste Collection App in August

The Municipal Corporation of Gurugram (MCG) plans to introduce an app in August that will provide residents with real-time information about waste collection services. Developed by a private firm, the app will allow residents to track the live location of waste collection vehicles, receive updates on expected arrival times, and monitor the vehicles' proximity to their homes. A research team from a private university in Gurugram has been tasked with identifying features to enhance the app's efficiency and transparency in waste management. Their findings, expected within 15 days, will be reviewe..

Next Story
Infrastructure Transport

South India's First Double-Decker Flyover Opens for Trial Run

South India's first double-decker rail-cum-road flyover was partially opened for a trial run officials announced. Deputy Chief Minister and Bengaluru Development Minister D. K. Shivakumar conducted a 'trial walk' on the newly built flyover, which extends from Ragigudda to Central Silk Board and forms part of the Yellow Line of the Bengaluru Metro. Transport Minister Ramalinga Reddy and other officials also participated in the event. Constructed by the Bangalore Metro Rail Corporation Limited (BMRCL) at a cost of Rs 4.49 billion, the flyover is currently open for vehicular movement on only one ..

Next Story
Infrastructure Transport

GMDA to Reconstruct Key Gurugram Road and Build Flyover

The Gurugram Metropolitan Development Authority (GMDA) announced plans to reconstruct a major master sector dividing road from the Dwarka Expressway junction with Sector 86 Road to IMT Manesar at a cost of ?600 million. This road, currently in severe disrepair, will pass through Sectors 84/88, 85/89, 86/90, and 87/92. Additionally, GMDA will build a ?590 million flyover at Dadi Sati Chowk in Sector 86. "The road will be reconstructed similar to Rampura Road, and the tender for this has been floated," stated Arun Dhankhar, GMDA's chief engineer. Special repairs for major roads across Gurugram a..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000