REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, has been presented with the prestigious Best Green Bond – Corporate Award at the Asset Triple A for Sustainable Finance 2024.
REC has received the award for issuance of $750 million USD Green Bonds in April 2023, which was also the first USD Green Bond issuance from India post India’s assumption of G20 Presidency and the largest ever Senior Green Bond Tranche by a South or South-East Asian issuer. The bond issue was priced at a minimum new issue premium of 7.5 bps, which was tighter than the most recent high-rated issuances from the region. The issue was well received by the investors and demonstrates REC’s significant contribution to financing projects aimed at mitigating climate change and promoting environmental sustainability.
The award underscores REC Limited’s unwavering commitment to sophisticated capital market instruments and customized financing solutions in advancing sustainable finance and fostering environmental stewardship. This recognition represents a milestone in REC Limited’s dedication to supporting initiatives that drive positive environmental impact and foster sustainable development.
Chairman & Managing Director, REC Limited, Shri Vivek Kumar Dewangan said: “We are delighted to receive this award, which reaffirms our commitment to sustainable finance and underscores our efforts to accelerate the transition towards a greener and more sustainable future at competitive costs. In addition to the USD Green Bonds of USD 750 Million issued in April 2023, REC also priced its inaugural Euro-Yen Green bonds of JPY 61.1 Billion in January 2024, which was the largest Yen Bond issuance by an Indian corporate. As such, REC stands resolute in its pledge to promote green and clean energy through these Green issuances.”
The Asset Triple A Awards are a pre-eminent recognition for those organizations that have excelled in their respective industry. With over two decades of experience conducting awards programmes, The Asset Triple A Awards reflect unparalleled industry understanding to be able to distinguish best-in-class organizations. The Asset Triple A Awards programmes are built upon a stringent methodology that is combined with a rigorous approach in selecting the best institutions and deals. The awards are adjudicated by The Asset’s board of editors who are regarded as the most experienced and collectively have several decades’ worth of evaluating industry awards.
About REC Limited:
REC is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen and Green Ammonia projects. Recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery. REC Ltd. provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of Pradhan Mantri Suryodaya Yojana. The loan book of REC stands at Rs 4.97 Lakh Crore and Net Worth at Rs. 64,787 crores as on 31st December 2023.