Indian Clean Energy Firm ReNew Inks US$1 Billion MoU to Bolster Energy Transition Projects

French lender Societe Generale has signed a Memorandum of Understanding (MoU) with ReNew, India’s renewable energy company, to support the financing and development of the company’s various strategic energy transition projects both in India and globally.

Under the MoU, which references up to US$1 billion of support over the next three years, primarily focused on 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.

Sumant Sinha, Founder, Chairperson and Chief Executive Officer of ReNew 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.” 

ReNew’s clean energy portfolio of ~15.6 GW on a gross basis as of May 09, 2024, is one of the largest globally. In addition to being a major independent power producer in India, the company provides end-to-end solutions in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets.

Dr. Katan Hirachand, Chief Executive and Chief Country Officer of Societe Generale India added: “ReNew’s commitment to the energy transition in India and beyond aligns with Societe Generale’s focus on supporting our clients’ sustainability journey, in line with our Group’s ambition. This MoU marks an important step in our collaboration with ReNew – we look forward to supporting their significant growth ambitions and driving the deployment of green energy in the market.”