NEW DELHI, December 2025: REC Limited has completed the post-issuance assurance for its Green Bonds worth USD 500 million and JPY 61.10 billion, issued in September 2024 and January 2024 respectively, under its Green Finance Framework. An independent verification carried out in line with the ICMA Green Bond Principles confirmed that the entire net proceeds have been fully allocated to eligible green projects.
This assurance forms part of REC’s first Green Bond Impact Report (FY 2025), developed with technical support from the Global Green Growth Institute (GGGI). GGGI had earlier reaffirmed REC’s Green Finance Framework during the Second Party Opinion process ahead of the bond issuances.
The impact report introduces a dual approach to measuring renewable energy and emission benefits — one capturing REC’s financed share of the impact, and the other accounting for the additional generation and emission reductions enabled by the projects. During FY 2025, a portfolio of 11 operational projects delivered 0.87 million tCO₂ in financed reductions and 1.34 million tCO₂ in enabled reductions, supported by around one billion kWh of financed renewable generation across 2,032 MW of installed capacity.
REC has used India’s official Combined Margin emission factor (0.861 tCO₂/MWh) for all grid-connected projects, except for a 7 MW solar project that follows small-scale CDM guidance with an emission factor of 0.727 tCO₂/MWh. The company said its internal data-control systems ensure transparent and verifiable impact reporting, with foreclosed projects excluded from attribution and under-construction assets recording zero impact until commissioning.
REC’s green bond portfolio spans several states, with Rajasthan accounting for 70.9% of combined (financed and enabled) emission reductions, followed by Gujarat (16%), Karnataka (5.1%) and Bihar (3.6%). Additional reductions came from projects in Andhra Pradesh, Uttar Pradesh, Haryana and Maharashtra. The broader portfolio, including under-construction projects, covers renewable energy, biogas, pumped storage and low-carbon mobility such as e-buses and the Mumbai Metro.
“This post-issuance assurance reinforces REC’s commitment to sustainable finance and climate accountability,” said Harsh Baweja, Director (Finance), REC Ltd. GGGI’s India Country Representative Soumya Garnaik said the organisation would continue supporting partners like REC in mobilising finance for India’s green transition.
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