India’s REC Limited, a financial firm for the power sector, announced that it has secured a 5-year green loan amounting to ¥31.96 billion (around $200 million).
Deutsche Bank‘s Gift City branch facilitated the transaction, which represents one of the bank’s first yen-denominated green loan deals in India.
REC said this strategic investment reinforces its commitment to fostering sustainable growth in alignment with the Company’s Green Finance Framework.
This green facility represents the first successful collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch.
Additionally, it sets a benchmark in the Indian public sector for similar green financing transactions, showcasing a growing commitment to sustainable financing.
Vivek Kumar Dewangan, IAS, CMD, REC, said, “This successful transaction is in line with REC’s commitment to enhance its green energy financing and sustainable projects capabilities as well as the global community’s support for sustainable development projects in India. This benchmark transaction is anticipated to pave way for more such collaborations in future which can help in achieving nation’s goals in green space financing.”
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The capital raised will be dedicated exclusively to funding environmentally sustainable projects throughout India.
Kaushik Shaparia, CEO of Deutsche Bank Group, India, said, “Our collaboration with REC underscores our steadfast commitment to advancing environmentally responsible initiatives and promoting sustainable financing within India. This transaction reinforces Deutsche Bank’s expertise in green financing, demonstrating our ability to support clients in their transformation towards a carbon-free future.”