REC Ltd avails green loan worth $200 mn from Deutsche Bank AG

  • The strategic investment is in line with the company’s green finance framework

Rituraj Baruah
First Published10 Jul 2024, 10:36 PM IST
This green facility is a first of its kind successful collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch,
This green facility is a first of its kind successful collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch,

New Delhi: State-run REC Ltd has availed a $200-million loan from Deutsche Bank AG to finance green projects in India.

This strategic investment is in line with the company’s green finance framework, said a company statement on Wednesday.

"This green facility is a first of its kind successful collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch," it said.

Vivek Kumar Dewangan, 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.”

Also Read: We want to be No.1 in ESG in Asia: Deutsche Bank’s Khan

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.”

In the last financial year, REC Ltd sanctioned loans worth 3.59 trillion, out of which 1.36 trillion were for renewable energy projects. The company plans to increase the share of renewable energy in its loan book to 30% by 2030 from the current 10%.

Also Read: Job cut at Deutsche Bank: Germany’s biggest lender to slash 3,500 jobs as ‘cost discipline remains a high priority’

Shares of REC on the BSE closed at 629.70 on Wednesday, higher by 2.87% from its previous close.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:10 Jul 2024, 10:36 PM IST
HomeIndustryREC Ltd avails green loan worth $200 mn from Deutsche Bank AG

Most Active Stocks

Indian Oil Corporation

174.45
02:47 PM | 11 JUL 2024
2.5 (1.45%)

Tata Steel

169.00
02:47 PM | 11 JUL 2024
1 (0.6%)

Bharat Petroleum Corporation

306.45
02:47 PM | 11 JUL 2024
6.1 (2.03%)

Vedanta

448.00
02:47 PM | 11 JUL 2024
-9.2 (-2.01%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Engineers India

288.00
02:34 PM | 11 JUL 2024
25.75 (9.82%)

Great Eastern Shipping Company

1,474.00
02:34 PM | 11 JUL 2024
112.25 (8.24%)

Gujarat Pipavav Port

237.20
02:34 PM | 11 JUL 2024
17.45 (7.94%)

Mazagon Dock Shipbuilders

5,740.00
02:34 PM | 11 JUL 2024
384.6 (7.18%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,705.000.00
    Chennai
    74,722.000.00
    Delhi
    73,705.000.00
    Kolkata
    74,722.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsloanPremiumMint Shorts