ReNew Energy Global Plc has signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) for a funding of USD5.3 billion.
The MoU outlines potential investments in renewable energy projects, manufacturing, carbon offset initiatives, and green hydrogen. The collaboration aims to jointly support the transition to sustainable energy. The agreement also encompasses cooperation on climate change mitigation and adaptation projects. Further, the MoU is expected to attract interest from international investors for financing long-term debt in significant renewable energy infrastructure projects. Furthermore, it contributes to ADB’s goal of reaching USD 100 billion in funding for green energy projects by 2030.