REC secures Euro 100 mn SACE loan for green projects

26 Apr 2024 CW Team

REC Limited, one of India's leading non-banking financial companies, has secured a loan facility of ?100 million (approximately ?850 crore) from SACE, Italy's export credit agency. This financing arrangement is specifically earmarked for green projects, further bolstering REC's commitment to sustainable development initiatives across the country.

The loan, provided under the "Green Deal" initiative, reflects REC's proactive approach towards promoting environmentally-friendly projects in sectors such as renewable energy, energy efficiency, and climate change mitigation. It underscores the company's dedication to supporting India's transition towards a low-carbon economy while addressing the challenges posed by climate change.

REC's collaboration with SACE not only facilitates access to affordable financing but also underscores the importance of international partnerships in advancing green initiatives. This financial support will enable REC to expand its portfolio of green projects, accelerating the deployment of renewable energy technologies and fostering environmental stewardship.

Moreover, the loan facility is expected to catalyze investments in renewable energy infrastructure, promoting energy security and reducing reliance on fossil fuels. By leveraging this funding, REC aims to enhance the availability of clean energy resources, contributing to India's ambitious renewable energy targets and commitments under the Paris Agreement.

The financing arrangement with SACE demonstrates REC's financial prudence and ability to attract capital from international sources for sustainable development projects. It also highlights the growing recognition of India's renewable energy market as an attractive investment destination for global financiers.

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