ReNew and Societe Generale Sign MoU for Up to $1 Billion Financing of Energy Transition Projects

ReNew has inked a significant Memorandum of Understanding (MoU) with Societe Generale, setting the stage for the provision of up to $1 billion in financing aimed at fostering energy transition endeavors both domestically in India and abroad.

As detailed by the Nasdaq-listed company, this MoU outlines a comprehensive partnership, earmarking funds primarily for debt financing and advisory solutions over the next three years. The collaboration between ReNew and Societe Generale will center on bolstering utility-scale energy initiatives spanning solar, wind, complex renewables, green hydrogen, energy storage, and solar module manufacturing.

Sumant Sinha, Chairman & CEO of ReNew, lauded the MoU as a pivotal milestone in the company's global aspirations. Sinha emphasized Societe Generale's stature as a trusted partner in accelerating the deployment of renewable energy projects, highlighting the collaboration's potential to advance India's net zero objectives.

Expressing enthusiasm for the partnership, Katan Hirachand, Chief Executive and Chief Country Officer of Societe Generale India, underscored the company's commitment to supporting ReNew's substantial growth ambitions and driving the adoption of green energy solutions in the market.

In a recent development, ReNew disclosed the signing of five Power Purchase Agreements (PPAs) totaling approximately 2.2 gigawatts (GW) of renewable energy capacity, significantly expanding its fully contracted renewable energy portfolio. These agreements entail the development of 1,500 MW of solar and 688 MW of wind projects, slated for commissioning over the next 24 months.

ReNew's burgeoning portfolio now encompasses 15.6 GW of renewable energy capacity, further buoyed by Letter of Awards for an additional 5.8 GW of capacity. With an operational capacity of approximately 9.5 GW, ReNew is poised to annually generate around 21 billion units of clean electricity, sufficient to power approximately 6 million households and mitigate an estimated 17 million tonnes of CO2 emissions annually.

HBL