ReNew Secures USD 1 Billion from Societe Generale for Renewables

New Delhi, May 15 (PTI) Energy firm ReNew on Wednesday announced that it has signed an initial pact with European bank Societe Generale for up to USD 1 billion financing as debt and advisory solutions over the next three years.

ReNew 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, a company statement said.

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 Chairperson and Chief Executive Officer Sumant Sinh 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."

ReNew has a clean energy portfolio of 15.6 GW on a gross basis as of May 9, 2024.

In addition to being a major independent power producer in India, it provides end-to-end solutions in a just and inclusive manner in the areas of clean energy, and value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change.