In a landmark move towards sustainable development, REC Limited has secured a green loan of JPY 31.96 billion (USD 200 million) from Deutsche Bank AG’s GIFT City branch. This funding will be used to finance eligible green projects in India, reinforcing REC’s commitment to sustainable growth as outlined in its Green Finance Framework.
This loan represents the first successful collaboration between an Indian government entity and Deutsche Bank AG’s GIFT City branch. It sets a new benchmark for green financing in the Indian public sector and is one of the first JPY-denominated green loan transactions for Deutsche Bank AG, GIFT City.
The facility highlights REC Limited’s and its partners’ dedication to supporting projects that adhere to stringent environmental standards, promote renewable energy, and contribute to reducing carbon emissions in India. It also reflects the increasing momentum towards green financing and the collective efforts to tackle environmental challenges.
Mr. Vivek Kumar Dewangan, IAS, CMD of REC, stated, “This transaction aligns with REC’s commitment to boosting its green energy financing and sustainable project capabilities. It also reflects the global community’s support for sustainable development projects in India. This benchmark transaction is expected to pave the way for more collaborations in the future, helping achieve the nation’s green financing goals.”
Mr. Kaushik Shaparia, CEO of Deutsche Bank Group, India, added, “Our collaboration with REC underscores our commitment to advancing environmentally responsible initiatives and promoting sustainable financing in India. This transaction highlights Deutsche Bank’s expertise in green financing and our ability to support clients in their transition to a carbon-free future.”
