ReNew Energy Global, a renewable energy company, has made significant strides in advancing its green energy projects with the signing of Memorandums of Understanding (MoUs) worth INR 640 billion (~US $7.8 billion) with two prominent financial institutions, Power Finance Corporation (PFC) and Rural Electrification Corporation (REC).
The MoUs were formalized during the Clean Energy Ministerial meeting held in Goa, where ReNew Energy Global committed to receiving INR 320 billion (~US $3.9 billion) from both PFC and REC, respectively. The funds will be channeled towards financing the company’s ongoing and upcoming energy transition initiatives, propelling India’s efforts to advance the clean energy revolution during its G20 presidency.
ReNew Energy Global has secured a position among the top companies to collaborate with PFC and REC for funding green energy projects in India, highlighting its commitment to sustainable development and environmental responsibility. The company will allocate the funds towards various new ventures, including solar and wind energy projects, hybrid solutions, energy storage systems, solar module and cell manufacturing, as well as green hydrogen initiatives.
“These MoUs will help us meet our current and future financing needs and demonstrate ReNew’s ability to raise long-term financing for large-scale green energy projects. We will leverage this relationship for our energy transition goals,” Kailash Vaswani, President of Corporate Finance at ReNew Energy Global, said.
The agreements with PFC and REC mark a significant milestone for ReNew Energy Global, solidifying its position as a key player in India’s renewable energy landscape. With strong financial backing from these leading institutions, ReNew is well-positioned to expand its portfolio of green energy projects and contribute to the nation’s ambitious clean energy targets.
The investment from PFC and REC represents a crucial step towards realizing India’s commitment to combatting climate change and embracing sustainable practices in the energy sector. ReNew Energy Global’s dedication to advancing the green energy transition aligns with the country’s vision for a cleaner and greener future.