REC wins 5 year loan for green projects worth 31.96 billion Yen

12 Jul 2024 CW Team

REC Limited has obtained a 5-year green loan worth 31.96 billion Japanese yen ($200 million) through Deutsche Bank?s Gift City branch, intended to fund sustainable projects in India.

REC Limited, a prominent power sector lender, has successfully raised a 5-year green loan totalling 31.96 billion Japanese yen (around $200 million). Facilitated by Deutsche Bank?s Gift City branch, this transaction represents one of the initial yen-denominated green loan deals for the bank in India.

The funds will be exclusively used to finance environmentally sustainable projects across India. REC has reaffirmed its commitment to promoting green energy finance and enhancing sustainable project development.

Vivek Kumar Dewangan, CMD, REC, emphasised the importance of this achievement in advancing REC?s green financing goals and aligning with global efforts to support sustainable development initiatives in India.

Kaushik Shaparia, CEO, Deutsche Bank Group in India, highlighted the bank?s dedication to fostering environmentally responsible initiatives through collaborations like the one with REC, highlighting their joint commitment to sustainable finance in India. (Source: Adda 247)

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