Gurugram: In a significant step towards sustainable development in India, REC Ltd has successfully availed a SACE-covered green loan worth JPY 60.536 billion to finance eligible green projects in India.
This strategic investment reinforces REC’s commitment to foster sustainable growth, in alignment with the Company’s Green Finance Framework.
The green facility benefits from an 80 per cent guarantee by Italian Export Credit Agency, SACE (Italy) under their innovative Push Strategy programme. It is a breakthrough and first of its kind successful collaboration between an Indian government entity and SACE.
This facility sets a benchmark in the Indian public sector landscape for similar green financing transactions, highlighting a growing commitment to sustainable financing.
The facility also marks SACE’s first JPY-denominated loan transaction and first green loan transaction in India.
The loan has loan participation from banks across Asia, USA and Europe, namely Crédit Agricole Corporate and Investment Bank, Bank of America, Citibank, KfW-Ipex Bank and Sumitomo Mitsui Banking Corporation as Mandated Lead Arrangers with Crédit Agricole Corporate and Investment Bank acting as the ECA Coordinator, Green Loan Coordinator, Documentation Bank and Facility Agent.