REC update on proposed issuance of 5-year senior green notes

Under its USD 7 billion Global Medium Term Note Programme

REC has issued the Preliminary Note Offering Circular dated 16 February 2023 in relation to proposed issuance of Notes by the Company under its existing USD 7,000,000,000 Global Medium Term Note Programme.

In this regard, the Company, rated Baa3 (Stable)/ BBB(Stable) by Moody's/ Fitch, has mandated Barclays Bank PLC, DBS Bank Limited, MUFG Securities Asia Limited, Standard Chartered Bank and State Bank of India, London Branch as Joint Lead Managers and Joint Book Runners to arrange a series of fixed income investor meetings and conference calls in Asia , Europe and USA commencing 21 February 2023 . A benchmark sized USD denominated Rule 144A / Regulation S long-term 5-year senior green notes offering (the "Notes "), under the Company's Global Medium Term Note Programme, may follow subject to market conditions. The Notes will be issued under REC Green Finance Framework. Further, KPMG India has provided a limited pre-issuance assurance report dated 10 February 2023 in respect of the Notes.

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