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Reliance Industries has signed a $736 million equivalent green loan agreement with five banks to fund its acquisition of Norwegian solar panel manufacturer REC Solar Holdings.
ANZ, Credit Agricole, DBS Bank, HSBC and MUFG were the lenders on the borrowing.
On October 10, Reliance had announced the acquisition of 100 per cent shareholding of REC Solar from China National Bluestar (Group) for an enterprise value of $771 million.
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RIL's new energy business acquires Norway's REC Solar for $771 million
REC has over 600 utility and design patents, of which 446 are grantedAccording to a report by Refinitiv, the borrowing is split into a $250 million six-year term loan, a $150 million working capital facility and a $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.
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