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ReNew signs agreement with Asian Development Bank for $5.3 billion funding

5 Dec 2023 , 10:25 AM

ReNew Energy Global Plc has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) for $5.3 billion in funding.

The Memorandum of Understanding was signed by ReNew's Founder, Chairman, and CEO, Sumant Sinha, and Suzanne Gaboury, Director General, the Private Sector Operations Department, ADB, during COP28 in Dubai', the business stated in a statement.

Sumant Sinha established ReNew, which has a sustainable energy portfolio of 13.8 gigatonnes (GW) as of September 30, 2023.

According to the statement, ReNew and ADB will also work on climate change mitigation and adaptation initiatives, identifying possible investments in renewable energy projects, manufacturing, carbon offset projects, and green hydrogen to assist the collaborative transition to a sustainable energy future.

The participants hope that the MoU would entice additional foreign investors to engage in funding long-term loans for renewable energy infrastructure projects. This is part of ADB's goal of supporting $100 billion in green energy projects by 2030.

ReNew has already spent over $8 billion on clean energy, and the MoU will allow them to raise further funds for renewable energy projects.

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