ReNew Energy Global (ReNew) has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) for $5.3 billion debt financing of decarbonization projects between 2023 and 2028.
The MoU identified potential investments in renewable energy projects, manufacturing, carbon offset projects, and green hydrogen, to jointly support sustainable energy transition.
ReNew stated the MoU, a first of its kind in the Indian RE sector, is expected to draw interest from additional international investors to participate in financing long-term debt for significant renewable energy infrastructure projects. In addition, it will help ADB achieve its funding ambition of $100 billion in green energy projects by 2030.
Sumant Sinha, founder, chairman, and CEO, ReNew, said, “Significant financing is needed to reach global climate targets and this agreement helps secure the capital needed. We look forward to collaborating with Asian Development Bank over the coming years to meet India’s target of achieving 500 GW of renewable capacity by 2030.”
Suzanne Gaboury, ADB Director General for Private Sector Operations, said: “This collaboration between ADB and ReNew envisages the continued cooperation of both organizations over the next five years, by providing a framework for working together towards shared goals and to deliver on the results envisioned in combating climate change.”
ReNew has a clean energy portfolio of almost 14 GW. The company has already invested around $8 billion in the clean energy space and the MoU will enable ReNew to raise further funding for renewable energy projects.
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