Grew Energy to Build 3.2 GW Solar Module Facility in Jammu & Kashmir

East Central Railway Invites Bids for 1.1 MW Rooftop Solar Projects

First Solar’s Thin Film Modules Approved for Use in DCR Solar Projects

THDC Invites Bids for 600 MW-2,000 MW Pumped Storage Projects

India Now Third Largest Solar Power Producer But Emissions Rise in 2023: Report

Flux Power’s Q3 Net Loss Up 83% YoY as Operating Expenses Rise

Researchers Strategize Reduction of Water Use in Solar Cell Manufacturing

Array Technologies Swings to Q1 Loss as Lower Prices Bite

Canadian Solar’s Q1 Profits Dip 85% on Lower Module Demand and Prices

SMA Solar Net Income Plunges 44.8% YoY in Q1 2024 on Increased Costs


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/01/amazon_polly_62244.mp3?version=1705382691">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Public infrastructure finance company <a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC Limited</a> has issued its inaugural yen-denominated green bonds of ¥61.1 billion (~$420.9 million) to finance renewable energy projects.</p>
<p>Issued under its $10 billion Global Medium Term Notes Program, the proceeds from the bonds will be used to finance eligible renewable energy projects under its green finance framework and the guidelines of the Reserve Bank of India.</p>
<p>The green bonds with 5-year, 5.25-year, and 10-year tenures are issued at yields of 1.76%, 1.79%, and 2.20%, respectively.</p>
<p>While this marks the company’s eleventh venture into the international bond market, REC claimed that this is also the first Yen-denominated Green Bond issuance by any government-owned entity and the largest yen-denominated issuance from India.</p>
<p>The transaction witnessed interest both from Japanese and international accounts as the number of orders from each stood at 50% and was one of the highest international allocations for any Indian Yen deal.</p>
<p>“The journey towards India&#8217;s energy transition demands a visionary approach to financing that aligns with our commitment to sustainable development towards a cleaner and greener energy landscape. We are delighted to successfully price our inaugural Euro-Yen Green bonds, which reaffirms REC’s position as an established issuer with deep access to global funding while maintaining the overall cost of funding lower than the industry standards,” said Kumar Dewangan, Chairperson and Managing Director at REC Limited.</p>
<p>DBS Bank, Mizuho, MUFG, and SMBC Nikko were the joint lead managers for the issue.</p>
<p>The bonds will be listed exclusively on the Global Securities Market of India International Exchange (India INX) and NSE International Financial Services Centre (IFSC) in GIFT City, Gandhinagar, Gujarat.</p>
<p>In May 2023, REC <a href="https://www.mercomindia.com/rec-lists-750-million-at-ifsc-stock-exchanges" target="_blank" rel="noopener">listed</a> its $750 million green bonds raised under its global medium-term program of $7 billion, at the GIFT IFSC Stock Exchanges in Gandhinagar. The proceeds of the issuance were to finance renewable energy projects and contribute towards achieving the country’s climate change commitments and sustainable development goals.</p>
<p>Last December, the company <a href="https://www.mercomindia.com/rec-215-million-loan-kfw-reform-indian-discoms" target="_blank" rel="noopener">signed</a> a $215 million loan agreement with German bank KfW to undertake reforms across India’s power distribution landscape. In an exclusive interview with Mercom, VK Singh, Director (Projects) at REC, <a href="https://www.mercomindia.com/rec-increase-renewable-loan-portfolio-fy30-interview" target="_blank" rel="noopener">mentioned</a> that the company’s renewable energy loan portfolio is expected to grow from 6% to 30% by FY30.</p>
<p>“We are striving towards realizing the government’s target and are currently on track to be one of the largest lenders for the renewable energy sector,” he said.</p>


REC Raises $420.9 Million Via Yen-Denominated Green Bonds

yen-denominated

Get the most relevant India solar and clean energy news.

RECENT POSTS