4 December 2023
ReNew
Gurugram, India, 04 December 2023: ReNew Energy Global Plc ("ReNew") (Nasdaq: RNW,
RNWWW), India’s leading renewable energy company and a preferred
decarbonization partner, on Sunday, signed a Memorandum of Understanding (MoU)
with the Asian Development Bank (ADB) to collaborate on climate change
mitigation and adaptation projects. The MoU covers projects with investment
value of more than US$ 5.3 billion between 2023 and 2028.
The MoU was signed at COP28,
Dubai by ReNew’s Founder, Chairman & CEO, Sumant Sinha and Suzanne Gaboury,
Director General, Private Sector Operations Department, ADB. The MOU identified
potential investments in renewable energy projects, manufacturing, carbon
offset projects, green hydrogen, with the aim of jointly supporting sustainable
energy transition.
The MoU, a first of its kind in the
Indian RE sector, is expected to draw interest from additional international
investors to participate in financing long-term debt for significant Renewable
Energy infrastructure projects. In addition, it will help ADB achieve its
funding ambition of $100 billion in green energy projects by 2030.
Sumant Sinha, Founder, Chairman,
and CEO, ReNew, said: “Today’s agreement marks
an exciting time for ReNew. Significant financing is needed to reach global
climate targets and this agreement helps secure the capital needed. We look
forward to collaborating with Asian Development Bank over the coming years to meet
India’s target of achieving 500 GW of renewable capacity by 2030.”
Suzanne Gaboury, ADB Director
General for Private Sector Operations, said: “This
collaboration between ADB and ReNew envisages the continued cooperation of both
organizations over the next five years, by providing a framework for working
together towards shared goals and to deliver on the results envisioned in
combating climate change.”
The memorandum of understanding
signed with ADB reaffirms ReNew’s position as the leading renewable energy
player in India. With a portfolio of almost 14 GW of clean energy capacity,
ReNew is among the top 10 clean energy companies globally, ex China. The
company has already invested around $8 billion in the clean energy space and
the MoU will enable ReNew to raise further funding for renewable energy
projects.
About ReNew:
ReNew is a leading decarbonization
solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy
portfolio of ~13.8 GWs on a gross basis as of September 30, 2023, 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 Asian Development Bank:
ADB is committed to achieving a
prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while
sustaining its efforts to eradicate extreme poverty. Established in 1966, it is
owned by 68 members—49 from the region.
Press Enquiries
ReNew | Shilpa Narani | shilpa.narani@renew.com
Investor Enquiries
ReNew | Nathan Judge, Nitin Vaid | ir@renew.com