ReNew Signs MoU with Asian Development Bank

The MoU was signed at COP28, Dubai, by ReNew’s Founder, Chairman and 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 and 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 US$100 billion in green energy projects by 2030.

Sumant Sinha 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.”

The company has already invested around US$8 billion in the clean energy space and the MoU will enable ReNew to raise further funding for renewable energy projects.

Read the article online at: https://www.globalhydrogenreview.com/hydrogen/06122023/renew-signs-mou-with-asian-development-bank/