Reliance Industries (RIL) on Monday raised $ 736 million in a green loan to finance the acquisition of solar panel maker REC Solar Holdings. This will be the first such financing for the company owned by Mukesh Ambani.
REC Solar is the borrower while Reliance New Energy Solar is the guarantor, according to local media.
The loan is rare acquisition financing from RIL who have opted for term loans instead of short-term bridging loans, media reported.
In October, Reliance announced its acquisition of a 40 percent stake in Sterling and Wilson Solar, a Shapoorji Pallonji group.
The acquisitions are part of RIL’s goal of becoming a net zero carbon company by 2035 with an investment of $ 10 billion.
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