New Delhi: REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a prominent Non-Banking Financial Company (NBFC), has been honored with the esteemed Best Green Bond – Corporate Award at The Asset Triple A Awards for Sustainable Finance 2024.
This recognition is attributed to REC’s exemplary issuance of $750 million USD Green Bonds in April 2023, marking the first USD Green Bond issuance from India post India’s assumption of the G20 Presidency. Notably, it stands as the largest-ever Senior Green Bond Tranche by a South or South-East Asian issuer. The issuance was priced at a minimum new issue premium of 7.5 basis points, showcasing REC’s prowess in sophisticated capital market instruments and customized financing solutions.
The success of the bond issue, which received favorable reception from investors, emphasizes REC Limited’s significant role in financing projects aimed at mitigating climate change and promoting environmental sustainability. This achievement underscores REC’s unwavering commitment to advancing sustainable finance and environmental stewardship.
Chairman & Managing Director of REC Limited, Shri Vivek Kumar Dewangan, expressed delight at receiving the award, stating, “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.” He further highlighted REC’s recent milestone of pricing its inaugural Euro-Yen Green bonds of JPY 61.1 Billion in January 2024, the largest Yen Bond issuance by an Indian corporate, solidifying REC’s dedication to promoting green and clean energy.
The Asset Triple A Awards are widely recognized as a mark of excellence in the industry, honoring organizations that have excelled in their respective fields. With over two decades of experience, The Asset Triple A Awards are esteemed for their rigorous methodology and the expertise of their board of editors. REC Limited’s receipt of the Best Green Bond – Corporate Award reaffirms its position as a leader in sustainable finance, contributing significantly to India’s efforts in environmental conservation and sustainable development.
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