REC, a state-owned infrastructure finance company, has raised ₹50 billion (~$586 million) through the issuance of bonds.

The offering included ₹30 billion (~$352 million) of five-year bonds at a coupon of 6.97% and ₹20 billion (~$234.6 million) through ten-year bonds at a coupon of 6.86%.

The bonds received an “AAA” rating from credit rating agencies, including CARE Ratings, ICRA, and India Rating and Research.

REC will list the bonds on the Bombay Stock Exchange and the National Stock Exchange.

Last September, REC raised $500 million through five-year green bonds as part of its $10 billion Global Medium-Term Program in September 2024. The funds will finance eligible green projects per REC’s Green Finance Framework, the Green Bond principles of the Climate Bonds Initiative, London, and RBI’s ECB Guidelines, with a second-party opinion from Sustainable Fitch.

Recently, REC signed a memorandum of understanding with the Energy Management Centre, Government of Kerala, to finance pumped storage projects (PSP). Under this agreement, REC intends to finance ₹183.6 billion (~$2.15 billion) in Kerala’s PSP segment over the next five years.

REC recorded a total income of ₹142.86 billion (~$1.63 billion) for the third quarter (Q3) of the financial year (FY) 2025, an 18% year-over-year (YoY) increase. The company’s net profit for the quarter rose 23% YoY to ₹40.76 billion (~$465.35 million). Its earnings per share came in at ₹15.48 (~$0.18) compared to ₹12.56 (~$0.14) in the corresponding quarter last year.

REC announced a significant increase in loan disbursements for Q3 FY 2025. The non-banking financial company disbursed a total of ₹546.92 billion (~$6.63 billion) in Q3 FY 2025, marking a 17.98% rise from the same period last year. It increased its focus on renewable energy in Q3, with disbursements in this category achieving a 58.09% YoY growth. The company directed loans worth ₹63.14 billion (~$765.94 million) towards green energy initiatives in this quarter.