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ReNew signs letter of intent with ADB for $5.3 billion financing

New Delhi: ReNew Energy Global Plc has signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) for debt financing of over $5.3 billion for climate change mitigation and green energy projects.

“The MoU covers projects with an investment value of more than $5.3 billion between 2023 and 2028. It was signed at COP28 in Dubai by ReNew’s founder, chairman & CEO Sumant Sinha and Suzanne Gaboury, director general, private sector operations department, ADB,” read a company statement. 

“The MoU identified potential investments in renewable energy projects, manufacturing, carbon offset projects and green hydrogen with the aim of jointly supporting sustainable energy transition,“ it added.

The company said the MoU is expected to draw interest from more international investors looking to finance long-term debt for significant renewable energy infrastructure projects.

Sinha said: “Significant financing is needed to reach global climate targets and this agreement helps secure the capital needed. We look forward to collaborating with the Asian Development Bank over the coming years to meet India’s target of achieving 500 GW of renewable capacity by 2030.”

The tie-up is also expected to help ADB achieve its ambition of investing $100 billion in green energy projects by 2030.

Suzanne Gaboury, ADB’s director general for private sector operations, said: “This collaboration 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 portfolio of about 13.8 GW of clean-energy capacity. The company has already invested around $8 billion in the clean energy space and the MoU will help it raise more funds for renewable energy projects.

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Updated: 04 Dec 2023, 07:12 PM IST

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