Societe Generale to provide up to $1 billion in project financing to ReNew Energy

16 May 2024 , 10:58 AM

ReNew has announced an agreement with Societe Generale for financing  its strategic energy transition projects in India and around the world. The arrangement outlines up to $1 billion in financial support for ReNew over the next three years, principally through debt financing and advisory services.

According to the terms of the agreement, they will focus on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage, and solar module manufacturing.

Further, ReNew has announced the signing of five Power Purchase Agreements (PPAs) for 2.2 GW of renewable energy (RE) capacity, bringing the total to 15.6 GW. ReNew has also bagged the Letters of Award for an additional 5.8 gigawatts of renewable energy capacity.

Three solar PPAs of 800 MW were signed with NTPC Limited, Damodar Valley Corporation, and Solar Energy Corporation of India Limited, at a weighted average tariff of ₹2.59 per kWh.

Furthermore, a 1 GW Firm and Dispatchable Renewable Energy (FDRE) PPA was signed with SJVN Limited at a price of ₹4.39 per kWh pricing. Furthermore, ReNew signed a 438 MW PPA with a significant global C&I customer, expanding its portfolio.

It is the first Indian renewable energy firm to be listed on the NASDAQ. ReNew operates around 140 projects in nine Indian states. The company offers decarbonisation solutions via a combination of green hydrogen, data-driven solutions, storage, manufacturing, and carbon markets.

Societe Generale, one of Europe’s top financial services groups and a major economic player for over 160 years, serves 25 million clients every day through a network of over 126,000 employees across 65 countries. The Group leverages its European roots to expand its operations globally.

For feedback and suggestions, write to us at [e-mail]

For opening a demat account click on: https://www.indiainfoline.com/

For doing stock trading & investments, go to: https://ttweb.indiainfoline.com/trade/Login.aspx

For loans, go to: https://www.iifl.com/