ReNew inks MoU with Societe Generale for USD 1 billion finance support – EQ
In Short : ReNew has signed a Memorandum of Understanding (MoU) with Societe Generale for USD 1 billion in finance support. This agreement will bolster ReNew’s efforts in expanding its renewable energy projects, enhancing its capacity to drive sustainable energy initiatives.
In Detail : To leverage their respective expertise to strengthen the collaboration on utility-scale energy projects
ReNew has signed a Memorandum of Understanding (MoU) with Societe Generale for providing up to $1 billion financing for development of energy transition projects both in India and overseas.
“Under the MoU, which references up to $1 billion of support over the next three years, primarily including debt financing and advisory solutions, 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,” the Nasdaq-listed company said.
ReNew Chairman & CEO Sumant Sinha 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.”
This MoU marks an important step in Societe Generale’s collaboration with ReNew. The company looks forward to supporting their significant growth ambitions and driving the deployment of green energy in the market, Societe Generale India Chief Executive and Chief Country Officer Katan Hirachand said.
PPAs signed
Last week, the renewable energy firm said it has signed five Power Purchase Agreements (PPAs) totalling around 2.2 gigawatts (GW) of RE capacity, significantly expanding its fully contracted renewable energy portfolio.
Combined, these PPAs will involve development of 1,500 MW of solar and 688 MW of wind projects and are expected to be commissioned over the next 24 months.
ReNew’s overall portfolio now stands at 15.6 GW. In addition, it has received Letter of Awards for an additional 5.8 GW of RE capacity.
With an operational capacity of around 9.5 GW, ReNew will annually generate about 21 billion units of clean electricity, which is enough to power around 6 million households and help avoid about 17 million tonnes of CO2 emissions annually.
