REC Secures $500 Million Through Green Bond to Fund Renewable Energy Projects

0
70

REC Limited has raised $500 million through green dollar bonds for numerous renewable energy projects. This was part of a $10 billion global medium-term programme of the company. The 5-year note has a coupon rate of 4.75 per cent per annum to be paid semi-annually. It has a maturity date of September 27, 2029. In 2024, this is the first US dollar bond issuance by an Indian public sector enterprise.

Keeping in line with REC’s Green Finance Framework, the funds raised will be utilised to finance eligible green projects, as per green bond principles of Climate Bond Initiative, London and RBI’s ECB guidelines. The joint bookrunners for the issue were Barclays, DBS, HSBC, Mizuho, MUFG, and Standard Chartered Bank. REC’s loan book is currently Rs 5.30 trillion with a Rs 723.51 billion net worth as on June 30, 2024.

Earlier this month, REC signed an MoU with Hygenco Green Energies at the 4th RE-INVEST 2024 in Gandhinagar, Gujarat. The MoU is aimed at financing Hygenco’s green ammonia project established in Gopalpur, Odisha. As per the agreement, REC will invest $280 million in the project.

Previous articleInvenergy and Honda Sign Virtual Power Purchase Agreement in Japan
Next articleRWE Expands Presence in Portugal’s Floating Offshore Wind Market

LEAVE A REPLY

Please enter your comment!
Please enter your name here