Reliance Industries Ltd (RIL) has taken a $736 million equivalent green loan from five banks to fund its acquisition of Norwegian solar panel maker REC Solar Holdings, marking the first such financing for the retail-to-telecom conglomerate.
ANZ, Credit Agricole, DBS Bank, HSBC and MUFG were the lenders on the borrowing, which was signed on 29 November, RIL said in a statement on Monday.
“The borrowing is split into a $250m six-year term loan, a $150m working capital facility and a $336 million five-year bank guarantee facility. ANZ and MUFG took $70m each of the term loan, while DBS and HSBC took $40m apiece. Credit Agricole was allocated $30m," RIL said.
DBS, HSBC, and MUFG took equal shares of the working capital facility, while DBS and HSBC split the bank guarantee facility equally.