REC Gets $200 Mn Loan From Deutsche Bank To Finance RE Projects

REC recently secured a green loan of JPY 31.96 billion which is equivalent to $200 million to finance green projects in India. The green loan transaction was conducted by Deutsche Bank AG, through its GIFT City branch.

For REC, the public financial institution, the facility is also positioned as one of the first JPY-denominated green loan transactions for Deutsche Bank AG, GIFT City. With a pivot towards financing more and more green projects, REC is seen as playinf a vital role in providing competitive financing options to support India’s green transition.

Vivek Kumar Dewangan, chairman and managing director, of 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 the way for more such collaborations in the future which can help in achieving the nation’s goals in green space financing.”

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.”

GIFT-IFSC is the maiden international financial services center of India that connects India with global opportunities and also enables the Indian economy to connect with the global financial system and allows seamless and easy flow of global capital into India. To cater to the development needs of GIFT IFSC, the unified statutory regulatory authority, International Financial Services Centres Authority (IFSCA) has taken significant steps in accelerating global sustainable capital flows by providing an agile regulatory and business environment in GIFT IFSC. It has so far attracted investments from across the world, which includes the Qatar Financial Centre (QFC) and the Dubai International Financial Centre (DIFC).