RIL inks $736 mn green loan pact to fund REC Solar acquisition

Reliance Industries has signed a $736 million green loan agreement with 5 banks to fund its acquisition of REC Solar Holdings.

Australia and New Zealand Banking Group, DBS Bank, Credit Agricole, HSBC, and MUFG were among the bankers to this rare facility, which is being used for acquisition financing for the first time.

Reliance had announced the acquisition of 100% shareholding of REC Solar from China National Blue star for $771 million. Singapore-incorporated REC Solar is the borrower on the loan, while Reliance New Energy Solar, a wholly-owned subsidiary of RIL is the guarantor.