India’s reknown renewable energy company ReNew Energy Global Plc signed a memorandum of understanding (MoU) with Asian Development Bank on Sunday, with reason to collaborate on climate change mitigation and adaptation projects.
The company said overall investment value the MoU project covers is over $ 5.3 billion between 2023 and 2028. The MoU was signed at COP28, Dubai, by Sumant Sinha, CEO of ReNew alongside Suzanne Gaboury, director general for Private Sector Operations Department at 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, said ReNew.
The energy firm added the MoU is expected to draw interest from additional international investors to participate in financing long-term debt for significant renewable energy infrastructure projects. Also, the company said this will help ADB in achieving its funding ambition of $100 billion in green energy projects by 2030.
Sinha stated, “Significant financing is needed to reach global climate targets and this agreement helps secure the capital needed.”
“We look forward to collaborating with the Asian Development Bank over the coming years to meet India’s target of achieving 500 GW of renewable capacity by 2030,” he also said.
ReNew, a subsidiary of ReNew Energy Global PLC is one of the largest renewable energy company in India and globally. The company also caters to commercial and industrial customers across the country.
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