REC gets JPY 31.96 billion loan from Deutsche Bank to finance green energy projects

State-owned REC Ltd on Wednesday said it has got a loan of 31.96 billion Japanese yen (equivalent to USD 200 million) from Deutsche Bank's GIFT City branch to finance green energy projects in India.

According to a statement, REC has availed a green loan of JPY 31.96 billion (equivalent to USD 200 million). The facility is a first of its kind collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch.

The facility also marks one of the first JPY-denominated green loan transaction for Deutsche Bank AG, GIFT City.

Vivek Kumar Dewangan CMD, REC Ltd, said in the statement, "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."

Kaushik Shaparia, CEO, 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."