ReNew, a leading energy firm, announced on Wednesday that it has signed an initial agreement with European banking giant Societe Generale for up to $1 billion in financing and advisory solutions over the next three years. This strategic move aims to bolster the development of ReNew’s diverse energy transition projects both within India and globally.
The Memorandum of Understanding (MoU) between ReNew and Societe Generale marks a significant step forward in the financing and execution of utility-scale energy projects. These projects include solar, wind, complex renewables, green hydrogen, energy storage, and solar module manufacturing.
Sumant Sinha, ReNew’s Chairperson and Chief Executive Officer, commented on the development, stating, “This MoU represents a key milestone towards our ambitions in India and worldwide. Societe Generale is a trusted partner for the accelerated deployment of renewable energy projects, and this collaboration will contribute towards India’s net zero goals.”
ReNew boasts a substantial clean energy portfolio, with 15.6 GW of capacity on a gross basis as of May 9, 2024. The company is a major independent power producer in India and is increasingly recognized for providing end-to-end solutions in clean energy. These solutions encompass value-added offerings through digitalization, energy storage, and carbon markets, all of which are crucial in addressing climate change.
The partnership with Societe Generale is expected to leverage both parties’ expertise to strengthen collaboration on large-scale energy projects. This includes solar, wind, and complex renewables, as well as emerging sectors like green hydrogen and advanced energy storage solutions.
ReNew’s commitment to inclusive and just energy transition projects aligns with India’s broader goals of achieving net zero emissions. The collaboration with Societe Generale will play a pivotal role in facilitating the necessary financial and advisory support to propel these initiatives forward.
This announcement follows a series of strategic moves by ReNew to expand its footprint in the renewable energy sector and underscores the company’s dedication to driving sustainable energy solutions both domestically and internationally.
