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ReNew inks MoU with Societe Generale for $1 billion loan
The MoU references up to $1 billion of support over the next three years, and primarily includes debt financing and advisory solutions
Renewable energy player ReNew has signed a memorandum of understanding (MoU) with French financial services firm Societe Generale for the financing and development of the company’s various strategic energy transition projects both in India and globally.
The MoU references up to $1 billion of support over the next three years, and primarily includes 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, ReNew said.
ReNew, a Nasdaq-listed firm, is a leading decarbonization solutions company with a clean energy portfolio of over 15.6 GW globally. In addition to being a major independent power producer in India, it provides end-to-end solutions in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change.
Sumant Sinha, founder, chairperson and chief executive officer (CEO) 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.”
Dr. Katan Hirachand, chief executive and chief country officer of Societe Generale India said: “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,” Hirachand added.
One of the largest banks in Europe, Societe Generale serves around 25 million customers in 65 countries with an aim to create sustainable value for its stakeholders.
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