ReNew, one of India’s leading renewable energy company, has signed a Memorandum of Understanding (MoU) with Societe Generale, which will support the former’s plans to expand its renewable energy portfolio in India and globally. This MoU includes USD 1 billion of financial support over the next three years.
The financial support includes debt financing as well as advisory solutions. As part of the MoU, both companies will collaborate on expanding capacities in the utility-scale energy projects space which will include solar, wind, complex renewables, green hydrogen, energy storage and solar modules manufacturing.
ReNew, listed on Nasdaq, is a leading Indian decarbonization solutions company with clean energy portfolio of ~15.6 GW on a gross basis as of May 09, 2024. Meanwhile, Societe Generale is a leading European bank serving customers in 65 countries around the world.
REGlobal’s Views: ReNew, which is listed on Nasdaq, is backed by organisations like CPPIB, ADIA and JERA. The company is present in various renewable energy segments including solar, wind, hybrids and storage, and has also forayed into green hydrogen and solar manufacturing sectors. This new funding support will help ReNew to expand not just its capacity in India but also its new decarbonisation offerings abroad.
