In a landmark move towards promoting sustainable development in India, REC Limited has successfully secured a green loan amounting to JPY 31.96 Billion (approximately USD 200 million). This initiative, facilitated through a strategic collaboration with Deutsche Bank AG’s GIFT City branch, marks a significant milestone in green financing within the Indian public sector.
The green loan, which is one of the first JPY-denominated transactions for Deutsche Bank AG in GIFT City, underscores REC Limited’s commitment to financing environmentally friendly projects. These projects will adhere to stringent environmental criteria, focusing on renewable energy initiatives and contributing to the reduction of carbon emissions across India.
Vivek Kumar Dewangan (IAS), CMD of REC Limited, expressed enthusiasm about the transaction, stating, “This successful endeavor aligns with REC’s mission to bolster its green energy financing capabilities and support sustainable projects. It also reflects global support for India’s sustainable development goals in green finance.”
Kaushik Shaparia, CEO of Deutsche Bank Group (India), highlighted the bank’s dedication to advancing sustainable financing practices. He commented, “Our partnership with REC underscores Deutsche Bank’s commitment to promoting environmentally responsible initiatives in India. This transaction underscores our expertise in green financing and our role in facilitating India’s transition towards a carbon-neutral future.”
The collaboration between REC Limited and Deutsche Bank AG sets a precedent in the Indian financial landscape for future green financing endeavors, showcasing the collective efforts towards sustainable economic growth and environmental stewardship.
