ReNew Energy Inks MoU with ADB for $5.3bn Funding

Renewable energy firm ReNew Energy Global has inked a memorandum of understanding (MoU) with the Asian Development Bank (ADB) for a funding of USD 5.3 billion. The MoU was signed at COP28, the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), in Dubai.

With the signing of this MoU, the partners expect to attract more international investors to participate in financing long-term debt for renewable energy (RE) infrastructure projects. This is part of ADB’s initiative of USD 100 billion in funding for green energy projects by 2030. ReNew has already invested approx. USD 8 billion in the clean energy space, and the MoU will enable it to raise further funding for renewable energy projects.

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 combating climate change. In addition, these two entities will also collaborate on identifying potential investments in RE projects, adaptation projects, manufacturing, carbon offset projects, and green hydrogen, to support sustainable energy transition jointly.

ReNew also looks forward to collaborating with the ADB over the coming years to meet India’s target of achieving 500 GW of renewable capacity by 2030. It has a clean energy portfolio of 13.8 GW as of September, 2023.