REC Completes Post-Issuance Assurance for USD 500 Million and JPY 61.10 Billion Green Bonds
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, Government of India, has successfully completed post-issuance assurance for its Green Bonds aggregating USD 500 million (ECB 74) issued in September 2024 and JPY 61.10 billion (ECB 66) issued in January 2024 under its Green Finance Framework.
The independent verification, conducted in line with the International Capital Market Association (ICMA) Green Bond Principles, confirmed that the entire net proceeds from both issuances were fully allocated to eligible green projects. REC’s inaugural Green Bond Impact Report (FY 2025) highlights a robust and transparent green-finance ecosystem, developed with technical collaboration and global benchmarking support from the Global Green Growth Institute (GGGI).
The report adopts a dual-impact assessment framework, distinguishing between financed impact, based on REC’s proportional funding share, and enabled impact, reflecting additional renewable generation and emissions abatement beyond REC’s direct financing. During FY 2025, 11 operational projects delivered 0.87 million tonnes of financed CO₂ reductions and 1.34 million tonnes of enabled reductions, supported by nearly 1 billion kWh of financed renewable energy across 2,032 MW of installed capacity.
REC has ensured transparent impact attribution through strong internal data controls, excluding foreclosed projects and recording zero impact for assets under construction. The diversified green bond portfolio spans renewable energy, biogas, pumped storage, and low-carbon mobility projects across multiple states, reinforcing REC’s role in India’s clean energy transition.
