https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

REC Secures Massive Rs 3,250 cr Green Loan from Italy’s Export Credit Agency SACE

The loan aims to finance eligible green projects in India, aligning with REC's commitment to sustainable development and promoting eco-friendly initiatives.
Indian Masterminds Stories

On Thursday, Rural Electrification Corporation Limited (REC) a state-owned non-banking financial company under the Ministry of Power, announced that it has secured a substantial green loan amounting to 60.5 billion Japanese Yen (equivalent to Rs 3,250 crore) from SACE, Italy’s export credit agency. The loan aims to finance eligible green projects in India, aligning with the company’s commitment to sustainable development and promoting eco-friendly initiatives within the country.

The green loan arrangement between SACE and REC marks a groundbreaking collaboration, being the first of its kind between an Indian government entity and the Italian export credit agency. This green loan facility sets a benchmark in the Indian public sector landscape for similar sustainable financing transactions, highlighting a growing commitment to eco-friendly initiatives.

Furthermore, this facility represents SACE’s first Japanese Yen-denominated loan transaction and its inaugural green loan transaction in India. The green loan saw participation from a diverse group of international banks, including Credit Agricole Corporate and Investment Bank, Bank of America, Citibank, KfW IPEX-Bank, and Sumitomo Mitsui Banking Corporation, acting as Mandated Lead Arrangers. Credit Agricole Corporate and Investment Bank will serve as the Export Credit Agency Coordinator, Green Loan Coordinator, Documentation Bank, and Facility Agent.

This loan facility is a strategic investment for REC Limited, reinforcing its commitment to fostering sustainable growth and aligning with the company’s Green Finance Framework. It demonstrates the dedication of REC and its partners in supporting projects that meet stringent environmental standards, promote renewable energy, and contribute to reducing carbon emissions across India. Additionally, it reflects the growing momentum towards green financing and the collective efforts of stakeholders to address environmental challenges.

Vivek Kumar Dewangan, Chairperson and Managing Director of REC, expressed his belief that this successful transaction will pave the way for more such collaborations, further enhancing Indo-Italian business relationships in green energy financing and sustainable projects. He also stated that it would help boost the global community’s support for sustainable development projects in India.

Gautam Bhansali, Head of SACE – India & South Asia, proudly highlighted SACE’s partnership with REC for this innovative “Green Push Strategy” transaction, which is the first of its kind being executed in India. Through this facility, SACE is committed to supporting projects in renewable energy, green mobility, and energy efficiency, enabling sustainable long-term growth in India.

As of December 31, 2023, REC’s loan book stood at an impressive Rs 4.97 lakh crore, with a robust net worth of Rs 64,787 crore. According to the statement, the green loan facility secured by REC benefits from an 80 percent guarantee provided by the Italian export credit agency SACE under their innovative Push Strategy program. This guarantee from SACE adds an extra layer of security and confidence to the green loan facility, enabling REC to pursue sustainable projects with greater financial backing and support.


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
Bipul-Pathak-IAS-JK
IAS Bipul Pathak Appointed Principal Secretary (Home) of Delhi in Strategic Bureaucratic Reshuffle
bihar-cm-solar
Bihar Moves Towards Energy Self-Sufficiency: Solar Power Emerges as a Game-Changer Under Nitish Kumar
bihar cabinet
69,000 Government Jobs and ₹2 Lakh for Women Entrepreneurs: Bihar’s Mega Employment Push
IAS Ayushi KBC
Who Is IAS Ayushi? The Visually Impaired Officer Whose Inspiring Journey Moved Amitabh Bachchan on KBC 17
India Post BSNL MoU
Department of Posts and BSNL Join Hands to Expand SIM Sales and Recharge Services Nationwide
Praveen Kumar ALIMCO CMD
Meet Praveen Kumar, Youngest CMD in India’s Public Sector, Driving ALIMCO’s Assistive Devices Mission
Haryana gov resized
Haryana Govt Denies Prosecution Sanction for IAS Officer Jaibir Arya in 2023 Corruption Case Due to Legal Technicality
Shah Faesal tribute to PM Modi
PM Modi’s 75th Birthday: IAS Officer Shah Faesal Credits Him for Restoring His Dignity, Calls Him a ‘Priest-King’ of Forgiveness
ADVERTISEMENT
ADVERTISEMENT
Videos
Dr. S.K
Technology Meets Ecology: IFS Dr S K Srivastava’s Game-Changing Innovations in Forest Management | Eco Warrior Awards 2025 Interview
IFS Uttam Kumar Sharma Interview
From Extinction to Exhilaration: The Untold Story and Future Vision of Project Cheetah | Led by IFS Uttam Kumar Sharma | Eco Warrior Awards 2025
K M Abharna IFS Eco Warrior Awards 2025
Meet K. M. Abharna, the IFS Officer Behind Avni’s Case and Vidya Balan’s Sherni Role
ADVERTISEMENT
UPSC Stories
Ishwarlal Gurjar UPSC
10th Grade Failure to Indian Police Service: Ishwarlal Gurjar’s UPSC Success Path
Read the inspiring journey of Ishwarlal Gurjar from a small village in Rajasthan to becoming an IPS officer....
IAS Minnu P M
“Lazy, Sleepy, Yet Determined”: Minnu P M’s Honest Take on Cracking UPSC
Minnu PM, once a clerk in Kerala Police, cleared UPSC with AIR 150 after five years of struggle. Her...
IPS Ashish Tiwari
From IIT and Investment Banking to Public Service, Meet IPS Ashish Tiwari 
Ashish Tiwari, IIT graduate and former investment banker, chose public service over global finance. As...
Social Media
Parag Madhukar Dhakate
Relentless Rains Wreak Havoc in Dehradun: IFS officer PM Dhakate Warns Citizens Amid Flash Floods
Cloudbursts in Dehradun triggered flash floods. IFS officer Dr. PM Dhakate warned citizens to stay indoors...
Forest Guard Tiger Encounter
Tigers Clash in the Wild as Forest Guards Capture Rare Footage , Retired IFS Mohan Pargaien Posts Viral Video
Retired IFS officer Mohan Pargaien shares viral video of three tigers brawling in Ramnagar, as forest...
Tamil Nadu Gaur Rescue
Tiruchirappalli Forest Officials Risk Lives to Rescue Juvenile Gaur; Video Shared by IAS Officer Goes Viral
Trichy forest and fire teams risk lives to rescue a juvenile Indian gaur; IAS officer Supriya Sahu shares...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
DC Swapneel Paul
How Tinsukia DC Swapneel Paul Built a State-of-the-Art Library With His PM Award Money
Bipul-Pathak-IAS-JK
IAS Bipul Pathak Appointed Principal Secretary (Home) of Delhi in Strategic Bureaucratic Reshuffle
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
Dr. S.K
IFS Uttam Kumar Sharma Interview
K M Abharna IFS Eco Warrior Awards 2025
ADVERTISEMENT
ADVERTISEMENT