ReNew and Societe Generale sign MoU for USD 1 Billion to broaden collaboration on energy transition projects

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05/15/2024 - 06:40 AM

MoU will support the financing and development of large-scale energy transition projects in India and globally

NEW DELHI--(BUSINESS WIRE)-- ReNew, India’s leading renewable energy company (NASDAQ: RNW), today announced that it has signed a Memorandum of Understanding (MoU) with Societe Generale, 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 USD 1 billion of support over the next three years, primarily including 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.”

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.”

About ReNew:

ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). 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, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change. For more information, visit renew.com and follow us on LinkedIn, Facebook, Twitter and Instagram.

About Societe Generale:

Societe Generale is a leading European bank with more than 126,000 employees serving around 25 million customers in 65 countries around the world. We have been supporting the development of our economies for 160 years, offering our corporate, institutional and retail clients a wide range of advisory services and value-added financial solutions. Our long-lasting and trusting relationships with clients, our cutting-edge expertise, our unique capacity for innovation, our ESG competencies and our leading franchises are part of our DNA and serve the core of our purpose: to create sustainable value for all our stakeholders. For more information, please visit www.societegenerale.asia