REC’s financed affect of 0.87 million tCO₂ may neutralize all of Delhi Metro’s 2025 emissions, and extra.
New Delhi – REC Restricted, a Maharatna Central Public Sector Enterprise underneath the Ministry of Energy, Authorities of India, has efficiently accomplished post-issuance assurance for its Inexperienced Bonds value USD 500 million (ECB 74) issued in September 2024 and JPY 61.10 billion (ECB 66) issued in January 2024 — underneath its Inexperienced Finance Framework.
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The impartial verification, performed in accordance with the Worldwide Capital Market Affiliation (ICMA)’s Inexperienced Bond Rules confirmed that all the internet proceeds from each the issuances have been totally allotted to eligible tasks in keeping with REC’s Inexperienced Finance Framework.
A New Benchmark for Clear Local weather Impression
REC’s inaugural Inexperienced Bond Impression Report (FY 2025) displays a maturing green-finance ecosystem the place accountability is as necessary as ambition. Developed by shut technical collaboration and worldwide benchmarking, together with skilled assist from the International Inexperienced Development Institute (GGGI), the report builds on GGGI’s earlier function in reaffirming REC’s Inexperienced Finance Framework as a part of the Second Celebration Opinion (SPO) course of forward of the issuances.
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This continued collaboration supported REC in aligning its post-issuance assurance course of and affect report with evolving ICMA requirements and world finest practices. The report introduces a twin strategy to measuring renewable power and local weather advantages — distinguishing between financed affect, representing REC’s proportional contribution based mostly on its financed share of whole venture price, and enabled affect, capturing the extra era and abatement achieved past REC’s financed share.
Throughout FY 2025, the portfolio of 11 operational tasks delivered 0.87 million tCO₂ of financed reductions and 1.34 million tCO₂ of enabled reductions, supported by roughly 1 billion kWh of financed renewable era throughout 2,032 MW of whole put in capability. By disclosing each, REC strengthens transparency on how its financing influences decarbonization outcomes — a step aligned with evolving world investor expectations. Averted emissions are calculated utilizing India’s official Mixed Margin emission issue of 0.861 tCO₂/MWh for all grid-connected tasks. One exception is a 7 MW photo voltaic venture, which follows small-scale CDM steerage and makes use of the import-adjusted weighted common emission issue (0.727 tCO₂/MWh) as a substitute. This ensures the calculations observe essentially the most acceptable methodology for every venture sort.
REC’s inside data-controls framework ensures affect attribution stays clear and verifiable. Foreclosed tasks are excluded from affect attribution, whereas under-construction belongings file zero affect till commissioning. These safeguards, mixed with impartial verification aligned with ICMA’s Inexperienced Bond Rules, reinforce the integrity of REC’s reporting system and guarantee audit readiness.
Extending India’s Clear Vitality Footprint Throughout States
REC’s inexperienced bond portfolio spans India’s clean-energy heartlands, with tasks distributed throughout a number of states and applied sciences. On a mixed (financed and enabled) foundation, Rajasthan accounted for 70.9 % of whole emission reductions, adopted by Gujarat (16 %), Karnataka (5.1 %), and Bihar (3.6 %), with further contributions from Andhra Pradesh, Uttar Pradesh, Haryana, and Maharashtra.
The portfolio (together with underneath development tasks) displays balanced diversification — spanning renewable power, biogas, pumped storage, and low carbon mobility (e-buses and Mumbai Metro) — guaranteeing each resilience and scale in India’s power transition.
“This post-issuance assurance reinforces REC’s dedication to sustainable finance and local weather accountability, not only for entry to power however for enabling inexperienced jobs and market transformations”, shared Shri Harsh Baweja , Director (Finance), REC Ltd.
“GGGI will proceed to leverage its world experience to assist extra companions like REC Ltd. in catalyzing the billions wanted for India’s inexperienced transition”, highlighted Shri Soumya Garnaik, India Nation Consultant, GGGI.
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