RIL in $736-M green loan pact with 5 banks to fund REC Solar acquisition

Reliance Industries has signed a USD 736 million equivalent green loan agreement with five banks - ANZ, Credit Agricole, DBS Bank, HSBC and MUFG - to fund its acquisition of Norwegian solar panel manufacturer REC Solar Holdings. The borrowing is split into a USD 250 million six-year term loan, a USD 150 million working capital facility and a USD 336 million five-year bank guarantee facility. Singapore-incorporated REC Solar is the borrower on the loan, while Reliance New Energy Solar, a wholly-owned subsidiary of RIL and the acquiring entity, is the guarantor. Reliance had announced the acquisition of 100% shareholding of REC Solar from China National Bluestar (Group) for an enterprise value of USD 771 million.