REC Ltd secures Japanese green loan of Rs 3,200 crore
REC Ltd on Thursday said it has secured a green loan for JPY 60.536 billion (about Rs 3,200 crore) to finance eligible clean energy projects. The green facility benefits from an 80% guarantee by Italian export credit agency, SACE (Italy).
In January, the company had issued its first yen-denominated 61.1 billion green bonds under its $10-billion global medium term notes programme.
The company had earlier said that it was looking at the Japanese market as interest rates were lower compared to US-dollar-denominated loans. The company is aiming for a green finance loan book of Rs 3 lakh crore by 2029-30. In September 2023, REC said that it had held discussions with renewable energy developers, leading to signing of memoranda of understanding amounting to a total of about Rs 2.86 lakh crore.
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