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					</table><p>Public infrastructure finance company <a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC Limited</a> has availed a green loan of ¥60.5 billion (~$387.6 million) from <a href="https://www.sace.it/en" target="_blank" rel="noopener">SACE</a>, an Italian export credit agency, to finance a slew of green projects in India.</p>
<p>This maiden green loan transaction in India also marks a first-of-its-kind successful collaboration between the two companies.</p>
<p>The green loan saw participation from Asian, European, and American banks such as <a href="https://www.ca-cib.com/en" target="_blank" rel="noopener">Crédit Agricole Corporate and Investment Bank</a>, <a href="https://www.bankofamerica.com/" target="_blank" rel="noopener">Bank of America</a>, <a href="https://www.citi.com/" target="_blank" rel="noopener">Citibank</a>, and <a href="https://www.kfw-ipex-bank.de/International-financing/KfW-IPEX-Bank/" target="_blank" rel="noopener">KfW-IpexBank</a> with <a href="https://www.smbcgroup.com/" target="_blank" rel="noopener">Sumitomo Mitsui Banking Corporation</a> as Mandated Lead Arrangers. CréditAgricole Corporate and Investment Bank acted as the ECA Coordinator, Green Loan Coordinator, Documentation Bank, and Facility Agent.</p>
<p>“Through this facility, SACE is committed to supporting projects in renewable energy, green mobility, and energy efficiency, enabling sustainable long-term growth in India,” said Gautam Bhansali, Head of SACE – India &amp; South Asia.</p>
<p>The green facility benefits from an 80% SACE guarantee under its Push Strategy program. This facility is SACE’s first JPY-dominated loan transaction.</p>
<p>This investment, which reflects a growing momentum towards green financing, also aligns with REC’s Green Finance Framework to foster low-carbon growth in India.</p>
<p>“The successful transaction in this truly global facility is anticipated to pave the way for more such collaborations, further enhancing Indo-Italian business relationships in green energy financing and sustainable projects capabilities, as well as the global community’s support for sustainable development projects in India,” said Vivek Kumar Dewangan, Chairman &amp; Managing Director, REC.</p>
<p>REC <a href="https://www.mercomindia.com/rec-records-highest-9m-profit-%E2%82%B9100-billion-fy24" target="_blank" rel="noopener">recorded</a> a revenue of $1.44 billion for the third quarter of 2023 due to improved asset quality and increased lending rates.</p>
<p>In January 2024, the company <a href="https://www.mercomindia.com/rec-raises-denominated-green-bonds" target="_blank" rel="noopener">issued</a> its inaugural yen-denominated green bonds of ¥61.1 billion (~$390.03 million) to finance eligible renewable energy projects under its green finance framework and the Reserve Bank of India guidelines.</p>
<p>In December 2023, REC <a href="https://www.mercomindia.com/rec-215-million-loan-kfw-reform-indian-discoms" target="_blank" rel="noopener">signed</a> a €200 million (~$214.59 million) loan agreement with German bank KfW, committing to utilize the funds to undertake reforms in India’s distribution sector.</p>


REC Avails $388 Million Loan from SACE for Green Energy Projects

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