ReNew signs MoUs for Rs. 64,000 Cr for green energy projects

ReNew Energy Global Plc announced on Friday that it has signed Memorandums of Understanding (MoUs) worth Rs. 64,000 Cr with Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) for its green energy projects.

According to the MoUs signed with the lenders at the Clean Energy Ministerial meeting in Goa, ReNew will receive Rs. 32,000 billion (~US $3.9bn) each from PFC and REC for financing its current and upcoming energy transition projects. “The MoUs support the ongoing efforts to further the clean energy transition under India’s G20 presidency,” the company said.

In terms of funding, ReNew is among the top companies to have signed agreements with the two leading financial institutions in India. The company will utilize the funds for new projects including solar, wind, hybrid, energy storage, solar modules and cell manufacturing, and green hydrogen.

Kailash Vaswani, President, Corporate Finance at ReNew said, “We have a long-standing relationship with PFC and REC, who are among the biggest lenders to the energy sector. 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.”