In Short:
State-owned REC Ltd has secured a $200 million loan from Deutsche Bank AG to fund green projects in India. This collaboration between an Indian government entity and Deutsche Bank’s GIFT City branch is a first of its kind. REC aims to increase its funding for green energy projects, with a target of 30% renewable energy share in its loan book by 2030.
REC Ltd secures $200-million loan from Deutsche Bank AG for Green Projects in India
New Delhi: In an exciting development, State-run **REC Ltd** has secured a $200-million loan from **Deutsche Bank AG** to finance green projects in India. How cool is that?
Embracing Green Finance Framework
The company has stated that this strategic investment perfectly aligns with its green finance framework. It’s all about paving the way for a greener future!
A Historic Collaboration
Describing the milestone, the statement mentioned, “This green facility marks a successful collaboration between an Indian government entity and **Deutsche Bank AG**, GIFT City branch. Talk about breaking boundaries!
Words from the Leaders
Expressing his enthusiasm, Vivek Kumar Dewangan, CMD, REC, expressed, “This transaction truly reflects REC’s dedication to boosting green energy financing and sustainable projects. Let’s walk the talk towards a sustainable future!”
Adding to the excitement, Kaushik Shaparia, CEO, **Deutsche Bank Group**, India, stated, “Our collaboration with REC underscores our unwavering commitment to advancing environmentally responsible initiatives in India. Together, we’re driving towards a carbon-free future!”
Commitment to Green Energy
In the previous financial year, REC Ltd sanctioned loans worth ₹3.59 trillion, with ₹1.36 trillion allocated for renewable energy projects. The company is aiming to increase the share of renewable energy in its loan book to 30% by 2030. Green is the new black!
Market Response
After this thrilling announcement, shares of REC on the BSE closed at ₹629.70 on Wednesday, marking a 2.87% increase from its previous close. The market is definitely loving this eco-friendly move!
