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					</table><p><a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC Limited</a>, a public infrastructure finance company, has raised $1.25 billion in August and September 2023 from a consortium of six banks and through a Foreign Currency Term Loan Agreement.</p>
<p>The company raised $1.15 billion in two tranches from a consortium of six banks. The financing proceeds are expected to go towards funding power, infrastructure, and logistics sector projects as permitted under the External Commercial Borrowings guidelines of the Reserve Bank of India.</p>
<p>The participating banks raised the loans as Mandated Lead Arrangers and Bookrunners.</p>
<p>Tranche 1 of the financing comprised $505 million raised on August 3, 2023, from <a href="https://www.bankofbaroda.in/" target="_blank" rel="noopener">Bank of Baroda</a>, Gujarat International Fin Tec-City International Financial Services Centre Banking Unit (<a href="https://www.giftgujarat.in/business/ifsc" target="_blank" rel="noopener">GIFT City IBU</a>), <a href="https://www.axisbank.com/" target="_blank" rel="noopener">Axis Bank</a>, and <a href="https://sbiuk.statebank/" target="_blank" rel="noopener">State Bank of India</a>’s London Branch.</p>
<p>Tranche 2 comprised $645 million raised on August 31, 2023, from State Bank of India’s London Branch, <a href="https://bankofindia.uk.com/" target="_blank" rel="noopener">Bank of India</a>’s London Branch, GIFT City IBU, and <a href="https://www.hsbc.co.in/" target="_blank" rel="noopener">HSBC</a>.</p>
<p>The tranches together involved an aggregate commitment of $550 million from GIFT City IBUs, which the company claimed to be the highest-ever commitment from GIFT City IBUs in a single month. GIFT City IBUs had previously committed $345 million back in December 2021.</p>
<p>The company also announced that it has signed a $100 million Foreign Currency Term Loan Agreement with the Export Import Bank of India (<a href="https://www.eximbankindia.in/" target="_blank" rel="noopener">Exim Bank</a>).</p>
<p>The proceeds of this loan will be used towards refinance for on-lending to the company’s borrowers in the power infrastructure and logistics sector for importing capital equipment.</p>
<p>Vivek Kumar Dewangan, Chairman and Managing Director, REC Limited, said, “REC has been actively looking for various innovative options to diversify its sources of borrowings to lower its cost of borrowings. We are pleased with the overwhelming response of Banks to these loans, which is also our largest single-month fundraising from GIFT City IBUs. We are delighted to partner with Exim Bank of India to bridge the financing needs of the power, infrastructure, and logistics sector and sign the loan agreement for $100 Million, which is the first one amongst us.”</p>
<p>The loans come with a five-year tenor and are benchmarked to Secured Overnight Financing Rate, a benchmark rate for loans denominated in U.S. dollars.</p>
<p>The funds were raised under REC’s Market Borrowing Program for 2023-24, worth ₹1.2 trillion (~$14.43 billion).</p>
<p>The government-owned power sector lender recently <a href="https://www.mercomindia.com/recs-profit-up-21-yoy-q1-fy-2024" target="_blank" rel="noopener">posted</a> its highest-ever profit in the first quarter of any financial year. The company&#8217;s net profit during the first quarter of the financial year 2024 was ₹29.61 billion (~$356.16 million), a 21% year-over-year jump from ₹24.47 billion (~$294.34 million).</p>
<p>In May this year, REC <a href="https://www.mercomindia.com/rec-lists-750-million-at-ifsc-stock-exchanges" target="_blank" rel="noopener">listed</a> its recently issued green bonds, which raised $750 million under its global medium-term program of $7 billion, at the GIFT IFSC Stock Exchanges in Gandhinagar.</p>


REC Raises $1.25 Billion to Finance Power Infrastructure & Logistics Projects


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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Indian Renewable Energy Development Agency (IREDA) </strong><a href="https://www.ireda.in/images/pressrelease/MoU-with-Bank-of-India.pdf" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a memorandum of understanding (MoU) with the Bank of India (BoI) </strong>for co-lending, co-origination, and loan syndication for renewable energy projects. The MoU is expected to empower IREDA and BoI to co-lend and co-originate for renewable energy projects, including small hydro and ethanol projects. Both organizations will strive to fix interest rates for IREDA borrowings for three to four years.</p>
<p><strong>TP Renewable Microgrid (TPRMG), a wholly owned subsidiary of Tata Power and Small Industries Development Bank of India (SIDBI), have </strong><a href="https://www.tatapower.com/media/PressReleaseDetails/1970/tp-renewable-microgrid-and-sidbi-collaborate-to-set-up-1000-green-energy-enterprises-nationwide-to-support-rural-entrepreneurs" target="_blank" rel="noopener"><strong>partnered</strong></a> to launch an innovative program that would see 1,000 green energy enterprises established throughout the nation. Under the collaboration, SIDBI will provide entrepreneurs a &#8220;Go Responsive, Enterprise incentive (GREENi)&#8221; after they complete a TPRMG-organized capacity-building activity. Through its PRAYAAS program or partner institutions, SIDBI will also assist in credit linkages to facilitate financing for setting up or expanding the businesses of rural entrepreneurs. To provide these rural businesses with quality, affordable, dependable, and clean green energy (Solar/Wind/Biogas), TPRMG will discover suitable entrepreneurs within its existing microgrid network and in new geographies. TPRMG will also provide rural enterprises, green energy solutions, and the technical know-how for maximizing energy utilization and conservation.</p>
<p><strong>IREDA </strong><a href="https://www.ireda.in/images/pressrelease/MoU-with-MAHAPREIT.pdf" target="_blank" rel="noopener"><strong>signs</strong></a><strong> an MoU with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT),</strong> a wholly owned subsidiary of Mahatma Phule Backward Class Development Corporation. Per the MoU, IREDA would offer financing facilities to MAHAPREIT for the Renewable Energy projects to be implemented for state utilities, local bodies, and the infrastructure of Renewable Energy Parks. Under this collaboration, IREDA will also undertake techno-financial due diligence on renewable energy and energy efficiency &amp; conservation projects for MAHAPREIT.</p>
<p><strong>The Haryana Electricity Regulatory Commission (</strong><a href="https://herc.gov.in/" target="_blank" rel="noopener"><strong>HERC</strong></a><strong>), in a recent ruling, directed Energy Efficiency Services Limited (</strong><a href="https://eeslindia.org/en/home/" target="_blank" rel="noopener"><strong>EESL</strong></a><strong>) and the Haryana DISCOMs to ensure the installation of smart meters 5% </strong>above its August 2022 target to make up for the deficit in July 2022. The Commission said it would be obliged to initiate action under the relevant provisions of Acts or Regulations if the target is not met.  The Commission also directed the state DISCOMs to submit a report 15 days after installing the meters on defective meters, and the rectification measures are taken by EESL. The DISCOMs were also directed to submit an affidavit within 15 days, outlining various steps involved to achieve the target fixed by the Ministry of Power, keeping in view the fact that no changes in the system for facilitating consumers to apply new connection on prepayment mode have been made till date despite directions of the Commission.</p>


Daily News Wrap-Up: IREDA Partners with Bank Of India to Fund Renewable Energy Projects

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