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On Monday, Reliance Industries (RIL) has raised $736 million in green loan to fund the acquisition of solar panel maker REC Solar Holdings. This will be the first such financing for the Mukesh Ambani-owned company.
As per local media reports, REC Solar is the borrower, while Reliance New Energy Solar is the guarantor.
Media reports said that the loan is a rare acquisition financing from RIL, which opted for term loans instead of a short-term bridge facility.
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In October, Reliance announced its 40 per cent stake in Sterling and Wilson Solar, a Shapoorji Pallonji group. The acquisitions are part of RIL’s goal to become a net carbon zero company by 2035 with $10 billion.
Stock Covered in the news
