REC rings the London Stock Exchange opening bell -Governance Now

REC rings the London Stock Exchange opening bell

REC becomes first Indian PSU to issue USD Green Bonds

GN Bureau | July 6, 2017

#PSU #REC #London Stock Exchange #USD Green Bonds

Rural Electrification Corporation (REC) Limited, a Navratna enterprise, touted as country’s leading financier in the power infrastructure sector, rang the opening bell at the London Stock Exchange on June 30.

REC’s Green Bond is the first to be listed on the International Securities Market segment of LSE, through which REC has raised $450 million for tenure of ten years from the offshore market.

The Navranta CPSE launched its maiden USD Green Bonds to become the first Indian PSU corporate to launch Green Bonds denominated in US dollars, against the backdrop of green energy’s enormous potential in the Indian power sector and the Indian government’s thrust on developing this space.

The Green Bonds have been certified by the Climate Bond Initiative, London while the ‘Green Bond framework’ formulated by REC has been verified by KPMG. The proceeds will be allocated for financing existing projects including re-financing and new eligible green projects in solar, wind, biomass and small hydro (less than 25MW), subject to availability of sector-specific technical criteria under Climate Bonds Standard.

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