REC Secures $200M Green Loan from Deutsche Bank

11 Jul 2024 CW Team

State-run REC Limited has secured a green loan amounting to JPY 31.96 billion (equivalent to $200 million) from Deutsche Bank AG's GIFT City branch. This marks a significant move towards financing sustainable development in India.

This green facility, the first of its kind between an Indian government entity and Deutsche Bank, aims to fund projects that align with strict environmental standards. These projects will enhance renewable energy adoption and contribute to carbon emission reduction across the nation. It is also noted as one of the first JPY-denominated green loans executed by Deutsche Bank AG, GIFT City.

Vivek Kumar Dewangan, CMD of REC, stated, ?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 of Deutsche Bank Group, India, added, ?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.?

In the last financial year, REC Ltd sanctioned loans worth ?3.59 trillion, out of which ?1.36 trillion were for renewable energy projects. The company plans to increase the share of renewable energy in its loan book to 30 percent by 2030 from the current 10 percent.

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