REC Limited to Issue of USD 750 Million, 5.625% Green Bonds

New Delhi: REC Limited, a subsidiary of Power Finance Corporation Limited informed that the company under its USD 7 billion Global Medium Term Note Programme, has priced and issued US$ 750,000,000, 5.625% Green Bonds on April 3, 2023, it said in compliance with provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 

These Bonds will mature on April 11, 2028 and all principal and interest payments will be made in U.S. Dollars. The expected settlement date for these Bonds is April 11, 2023.

These Bonds represent direct, unconditional and unsecured obligations of the Company and will rank pari passu among themselves and all other unsecured obligations of the Company.

These Bonds will be listed on Global Securities Market of India International Exchange (India INX) and NSE IFSC. The net proceeds from the issue of these Bonds will be applied to finance, in whole or in part, the eligible green projects, in each case in accordance with the REC Limited Green Finance Framework and the External Commercial Borrowings guidelines and directions of, and the approvals granted by, the Reserve Bank of India from time to time. 

About REC Limited:

REC Limited, formerly known as Rural Electrification Corporation Limited, is a public sector enterprise in India that was established in 1969. It is one of the leading institutions in the country involved in financing and promoting rural electrification projects. REC Limited is primarily engaged in financing power sector projects across India, including renewable energy, transmission, distribution, and thermal power.

The company's main objective is to provide affordable and reliable power to rural areas of India, to promote rural development and improve the standard of living of the people. REC Limited has been playing a crucial role in supporting the Indian government's efforts to achieve the goal of 24x7 power for all by 2025.