The Asian Development Bank (ADB) and ReNew Energy Global Plc, an Indian renewable energy firm and preferred decarbonisation partner, inked a MoU to work together on climate change mitigation and adaptation projects. Projects worth over $5.3 billion in investment between 2023 and 2028 are included in the MoU. The MoU was concluded at COP28 in Dubai by the Director General of ADB’s Private Sector Operations Department and CEO of ReNew.
Reportedly, the MOU highlighted possible investments in renewable energy projects, manufacturing, carbon offset initiatives, and green hydrogen, with the goal of assisting in the transition to a more sustainable energy system. It is anticipated that the MoU will capture the attention of more foreign investors to take part in long-term debt financing for substantial infrastructure projects related to renewable energy. Furthermore, it will assist ADB in realising its goal of financing $100 billion in renewable energy projects by 2030.
In January 2022, ReNew Energy Global announced that its wholly-owned subsidiary, India Clean Energy Holdings, raised $400 million by issuing senior secured dollar notes at a rate of 4.5 per cent. The dollar notes have been recognised as green bonds by the Climate Bonds Initiative. Also, the bonds will be listed on the Singapore Exchange. The tenor of the green bonds is 5.25 years.
