India’s Rural Electrification Corporation goes Green to raise funds

Sector Focus/Renewables, India Investment Journal July Edition
The Rural Electrification Corporation (REC) launched its first Green Bond on the London Stock Exchange’s new International Securities Market (ISM) to finance renewable energy projects in India.

A new 10-year dated green bond listed by REC raised $450 million, with an annual yield of 3.965 per cent. It was 3.9 times oversubscribed on the final order book and secured strong international investor interest, with Asian investors making up 68 per cent of the order book and investors from Europe, Middle East and Africa region making up 32 per cent.