REC Ltd, a non-banking finance company under the Ministry of Power, has secured a JPY 60.536 billion green loan backed by Italian export credit agency SACE, to finance eligible green projects in India.
The green facility benefits from an 80% guarantee by SACE (Italy) under their Push Strategy programme. It marks SACE’s first JPY-denominated loan transaction and first green loan transaction in India.
Vivek Kumar Dewangan, chairman & managing director, REC, said, “The successful transaction in this truly global facility is anticipated to pave way for more such collaborations, further enhancing Indo-Italian business relationships in green energy financing and sustainable projects capabilities, as well as the global community’s support for sustainable development projects in India.”
The green loan has loan participation from banks across Asia, USA and Europe, including Crédit Agricole Corporate and Investment Bank, Bank of America, Citibank, KfW-IPEX Bank and Sumitomo Mitsui Banking Corp. as mandated lead arrangers with Crédit Agricole Corporate and Investment Bank acting as the ECA coordinator, green loan coordinator, documentation bank and facility agent.
Gautam Bhansali, head of SACE – India & South Asia, said, “Through its [Green Push Strategy] facility, SACE is committed to supporting projects in renewable energy, green mobility and energy efficiency, enabling sustainable long-term growth in India.”
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