Reliance Raises $736 Mn In Green Loan To Fund REC Solar Acquisition

Published date: .

The loan is a rare acquisition financing from RIL which opted for term loans instead of a short-term bridge facility

Topics

Reliance Industries | Green bonds | Reliance Energy

Reliance Industries

Reliance Industries

(RIL) on Monday has raised $736 million in green loan to fund the acquisition of solar panel maker, REC Solar Holdings. This will be first such financing for the Mukesh Ambani-owned company.

REC Solar is the borrower while Reliance New Energy Solar is the guarantor, as per local media reports.

The loan is a rare acquisition financing from RIL which opted for term loans instead of a short-term bridge facility, media reports said.

In October, Reliance announced its acquisition of 40 per cent stake in Sterling and Wilson Solar, a Shapoorji Pallonji group.

The acquisitions is part of RIL's goal to become a net carbon zero company by 2035 with an investment of $10 billion.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, December 07 2021. 02:29 IST