In a landmark move for sustainable development in India, REC Limited, a prominent leader in the Indian power sector, has secured a green loan worth 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, further reinforcing REC’s commitment to sustainable growth in alignment with its Green Finance Framework.
This groundbreaking facility marks the first successful collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch. It sets a precedent in the Indian public sector for similar green financing transactions, emphasizing a growing dedication to sustainable financing. Additionally, this marks one of Deutsche Bank AG, GIFT City’s first JPY-denominated green loan transactions.
The green loan facility underscores the commitment of REC Limited and its partners to support projects that adhere to stringent environmental standards, promote renewable energy, and contribute to reducing carbon emissions across India. It also reflects the increasing momentum towards green financing and the collective efforts of stakeholders to tackle environmental challenges.
Mr. Vivek Kumar Dewangan, IAS, CMD of REC, commented on the occasion, saying, “This successful transaction aligns with REC’s commitment to enhance 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 future collaborations, aiding in achieving the nation’s goals in green financing.”
Mr. Kaushik Shaparia, CEO of Deutsche Bank Group, India, added, “Our collaboration with REC highlights our unwavering commitment to advancing environmentally responsible initiatives and promoting sustainable financing within India. This transaction showcases Deutsche Bank’s expertise in green financing and our ability to support clients in their transition towards a carbon-free future.”
