ReNew signs MoUs worth $7.8 billion for green energy projects


ReNew Energy Global, a Nasdaq-listed decarbonization solutions company, announced that it has signed Memorandums of Understanding (MoUs) worth INR 64,000 crore ($7.8 billion) with Power Finance Corp. (PFC) and Rural Electrification Corp. (REC) for its green energy projects.

The MoUs were signed at the Clean Energy Ministerial meeting in Goa.

As per the MoUs, ReNew will receive $3.9 billion each from PFC and REC to finance its energy transition projects. It will utilize the funds for new projects including solar, wind, hybrid, energy storage, solar modules and cell manufacturing, and green hydrogen.

Kailash Vaswani, president of corporate finance at ReNew, said, the MoUs will help ReNew meet its current and future financing needs and demonstrate ReNew’s ability to raise long-term financing for large-scale green energy projects.

ReNew’s cumulative clean energy portfolio stood at 13.4 GW as of September 30, 2022. In addition to being a major independent power producer in India, it provides end-to-end solutions in the areas of clean energy, green hydrogen, and value-added energy offerings through digitalization, storage, and carbon markets.

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