Reliance avails $736 million green loan to fund REC Solar’s purchase

Mohit Singh
Updated: 07 Dec 2021, 01:04 PM IST
TL;DR.

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, the RIL said

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.

First Published: 07 Dec 2021, 01:04 PM IST
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