REC secures JPY 31.96 bn green loan from Deutsche Bank

11 Jul 2024 CW Team

REC has secured a green loan totalling JPY 31.96 billion from Deutsche Bank AG, GIFT City branch, signalling a significant step towards financing sustainable development in India. The loan, structured as a green facility, represents a pioneering collaboration between an Indian government entity and Deutsche Bank, aimed at funding projects that adhere to stringent environmental standards, promote the adoption of renewable energy, and contribute to reducing carbon emissions nationwide. This initiative also marks one of the initial instances of JPY-denominated green loans executed by Deutsche Bank AG, GIFT City.

According to Vivek Kumar Dewangan, CMD of REC, this successful transaction aligns with REC's commitment to bolster its financing of green energy and sustainable projects, supported by the international community's backing for sustainable development ventures in India. He views this landmark transaction as a precursor to potential future collaborations that could assist in achieving the nation's objectives in green financing.

Kaushik Shaparia, CEO of Deutsche Bank Group in India, emphasized that their partnership with REC underscores the bank's unwavering dedication to advancing environmentally responsible initiatives and promoting sustainable finance within India. He highlighted that this transaction showcases Deutsche Bank's proficiency in green financing, underscoring their ability to aid clients in transitioning towards a carbon-neutral future.

In the previous fiscal year, REC sanctioned loans amounting to Rs 3.59 trillion, with Rs 1.36 trillion directed towards renewable energy projects. The company aims to elevate the proportion of renewable energy in its loan portfolio to 30 per cent by 2030, up from the current 10 per cent.

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