The state-owned REC Ltd said that it has received a loan from Deutsche Bank's GIFT City office of 31.96 billion Japanese yen, or $200 million USD, to fund green energy projects in India.
A statement claims that REC has obtained a JPY 31.96 billion (about $200 million) green loan. The facility is the first-ever partnership between the GIFT City office of Deutsche Bank AG and an Indian government agency.
Additionally, the facility represents one of Deutsche Bank AG's first green financing transactions for GIFT City priced in Japanese yen.
"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," stated Vivek Kumar Dewangan, CMD of REC Ltd. in the release. It is expected that this landmark deal would open the door for similar partnerships of this kind in the future, which will aid in the country's funding of green space objectives."
"Our collaboration with REC underscores our steadfast commitment to advancing environmentally responsible initiatives and promoting sustainable financing within India," stated Kaushik Shaparia, CEO of Deutsche Bank Group, India. This deal highlights Deutsche Bank's proficiency in green finance and exemplifies our capacity to assist customers in their transition to a carbon-free future."
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