ADB donates $5.3 billion to ReNew Energy

Renewable energy company ReNew Energy Global has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) for $5.3 billion in financing. The MoU was signed during 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 hope to attract more international investors to participate in long-term debt financing for renewable energy (RE) infrastructure projects. This is part of the ADB's initiative to provide $100 billion in financing for green energy projects by 2030. ReNew already has approximately $8 billion in clean energy needs, and the MoU will allow the country to secure more financing for green energy projects. renewable energy.

This collaboration between ADB and ReNew provides for the continued collaboration of both organizations over the next five years by providing a framework to work together on shared goals and combat climate change. In addition, these two entities will also work together to identify possible investments in renewable energy projects, adaptation projects, manufacturing, carbon offset projects and green hydrogen, to jointly support the sustainable energy transition.

ReNew also looks forward to working with the ADB in the coming years to meet India's goal of reaching 500 GW of renewable capacity by 2030. The company has a clean energy portfolio of 13.8 GW as of September 2023.