ReNew Signs MoU with Asian Development Bank for US$ 5.3 billion
December 04 2023 - 7:20AM
Business Wire
- The memorandum of understanding, a first of
its kind in the Indian RE sector, was signed at the COP28
conference by ReNew Chairman and CEO Sumant Sinha and Suzanne
Gaboury, ADB Director General, Private Sector Operations
- ~US$5.3 billion for decarbonization related
projects between 2023 and 2028
ReNew Energy Global Plc ("ReNew") (Nasdaq: RNW, RNWWW), India’s
leading renewable energy company and a preferred decarbonization
partner, on Sunday signed a Memorandum of Understanding (MoU) with
the Asian Development Bank (ADB) to collaborate on climate change
mitigation and adaptation projects. The MoU covers projects with an
investment value of more than US$ 5.3 billion between 2023 and
2028.
The MoU was signed at COP28, Dubai by ReNew’s Founder, Chairman
& CEO, Sumant Sinha and Suzanne Gaboury, Director General,
Private Sector Operations Department, ADB. The MOU identified
potential investments in renewable energy projects, manufacturing,
carbon offset projects, green hydrogen, with the aim of jointly
supporting sustainable energy transition.
The MoU, a first of its kind in the Indian RE sector, is
expected to draw interest from additional international investors
to participate in financing long-term debt for significant
Renewable Energy infrastructure projects. In addition, it will help
ADB achieve its funding ambition of $100 billion in green energy
projects by 2030.
Sumant Sinha, Founder, Chairman, and CEO, ReNew, said:
“Today’s agreement marks an exciting time for ReNew. Significant
financing is needed to reach global climate targets and this
agreement helps secure the capital needed. We look forward to
collaborating with Asian Development Bank over the coming years to
meet India’s target of achieving 500 GW of renewable capacity by
2030.”
Suzanne Gaboury, ADB Director General for Private Sector
Operations, said: “This collaboration between ADB and ReNew
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.”
The memorandum of understanding signed with ADB reaffirms
ReNew’s position as the leading renewable energy player in India.
With a portfolio of almost 14 GW of clean energy capacity, ReNew is
among the top 10 clean energy companies globally, excluding China.
The company has already invested around $8 billion in the clean
energy space and the MoU will enable ReNew to raise further funding
for renewable energy projects.
About ReNew:
ReNew is a leading decarbonization solutions company listed on
Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of
~13.8 GWs on a gross basis as of September 30, 2023, is one of the
largest globally. In addition to being a major independent power
producer in India, we provide 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 that
increasingly are integral to addressing climate change. For more
information, visit renew.com and follow us on LinkedIn, Facebook,
Twitter and Instagram.
About Asian Development Bank:
ADB is committed to achieving a prosperous, inclusive,
resilient, and sustainable Asia and the Pacific, while sustaining
its efforts to eradicate extreme poverty. Established in 1966, it
is owned by 68 members—49 from the region.
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version on businesswire.com: https://www.businesswire.com/news/home/20231204090889/en/
Press Enquiries ReNew | Shilpa Narani |
shilpa.narani@renew.com
Investor Enquiries ReNew | Nathan Judge, Nitin Vaid |
ir@renew.com
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