ReNew secures $1 billion from European bank Societe Generale

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ReNew, a NASDAQ-listed renewable energy company in India, has secured debt financing from European bank Societe Generale to support the development of its various strategic energy transition projects both in India and globally.

The developer has signed a memorandum of understanding (MoU) with Societe Generale. Under the MoU, Societe Generale will provide up to $1 billion of debt finance and advisory solutions over the next three years. Both parties will leverage their respective expertise to strengthen the collaboration on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage, and solar modules manufacturing.

Sumant Sinha, founder, chairperson and chief executive officer of ReNew said: “This MoU represents a key milestone towards our ambitions in India and worldwide. Societe Generale is a trusted partner for accelerated deployment of renewable energy projects, and this collaboration will contribute towards India’s net zero goals.”

ReNew is a major independent power producer in India with a clean energy portfolio of 15.6 GW as of May 9, 2024. It also provides end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets.

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