REC wins Best Green Bond Award for Sustainable Finance

By IndianMandarins- 05 Feb 2024

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Gurugram (05.02.2024): REC Limited has been bestowed with the prestigious Best Green Bond - Corporate Award at The Asset Triple A Awards for Sustainable Finance 2024. This recognition underscores REC's unwavering commitment to sophisticated capital market instruments and customized financing solutions in advancing sustainable finance and fostering environmental stewardship.

REC has received the award for issuance of $750 million Green Bonds issued in April 2023 which was also the first USD Green Bond issuance from India post India’s G20 Presidency and the largest-ever Senior Green Bond Tranche by a South & South-East Asian issuer. The bond issue was priced at a minimum new issue premium of 7.5 bps, which was tighter than the most recent high-rated issuances from the region. The issue was well received by the investors for REC’s significant contribution to financing projects aimed at mitigating climate change and promoting environmental sustainability.

Vivek Kumar Dewangan (IAS: 1993: MN), Chairman & Managing Director, REC Limited, said, "We are delighted to receive this award, which reaffirms our commitment to sustainable finance and underscores our efforts to accelerate the transition towards a greener and more sustainable future at competitive costs. In addition to the USD Green Bonds of $750 Million issued in April 2023, REC also priced its inaugural Euro-Yen Green bonds of JPY 61.1 Billion in January 2024, which was the largest Yen Bond issuance by an Indian corporate. As such, REC stands resolute in its pledge to promote green and clean energy through these Green issuances."