Energy firm ReNew on Wednesday announced that it has signed an initial pact with European bank Societe Generale for up to $1 billion financing as debt and advisory solutions over the next three years.
ReNew has signed a Memorandum of Understanding with Societe Generale, to support the financing and development of the company's various strategic energy transition projects both in India and globally, a company statement said.
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.
ReNew Chairperson and Chief Executive Officer Sumant Sinh 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 has a clean energy portfolio of 15.6 GW on a gross basis as of May 9, 2024.
In addition to being a major independent power producer in India, it provides end-to-end solutions in a just and inclusive manner in the areas of clean energy, and value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change.
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