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REC Ltd Makes History with First Yen Green Bond Issuance by Indian PSU

REC Ltd

REC Ltd released its first Japanese Yen (JPY) 61.1 billion, 5-year, 5.25-year, and 10-year green bonds under its US$ 10 billion Global Medium Term Notes Programme. This is the first Yen green bond issued by an Indian public sector enterprise. The bond proceeds will be used to finance qualifying green projects in accordance with the REC’s Green Finance Framework and RBI rules.

This is a historic deal because it represents India’s largest Yen-denominated issue. It was also the largest Euro-Yen issuance in South and South-East Asia, as well as the largest non-sovereign Yen-denominated issuance in South and South-East Asia. The trade received interest from both Japanese and international accounts, with each account placing 50% of the orders.

REC Ltd

Shri Vivek Kumar Dewangan, CMD, REC Ltd., stated on this occasion, which marks REC’s eleventh foray into the international bond market, “REC stands resolute in its pledge to promote green and clean energy through this Green issuance.”

As a regular issuer in the international debt capital markets, we are continually looking for new markets to enter and diversify our funding sources. We are thrilled to have successfully priced our first Euro-Yen Green bonds, which underlines REC’s position as an established issuer with broad access to global funding, while keeping overall funding costs lower than industry standards.”