REC Ltd, a non-banking finance company under India’s Ministry of Power, has secured a green loan of JPY 31.96 billion (equivalent to $200 million) to finance eligible green projects in India. The green loan transaction was done by Deutsche Bank AG through its GIFT City branch.
“This green facility is a first of its kind successful collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch. This facility sets a benchmark in the Indian public sector landscape for similar green financing transactions, highlighting a growing commitment to sustainable financing,” stated REC.
The facility also marks one of the first JPY-denominated green loan transaction for Deutsche Bank AG, GIFT City.
Vivek Kumar Dewangan, chairman and managing director, REC, said, “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, Deutsche Bank Group, India said, “Our collaboration with REC underscores our steadfast commitment to advancing environmentally responsible initiatives and promoting sustainable financing within India.”
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.