ReNew Energy and ADB commit to $5.3 billion green funding

In a significant move to boost India’s renewable energy capacity, ReNew Energy Global Plc, a leader in the renewable sector, has entered into a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) at COP28 in Dubai. The landmark agreement, signed on Sunday, involves an investment of over $5.3 billion in climate change projects spanning from this year through 2028.

This collaboration, hailed by Sumant Sinha, CEO of ReNew, and Suzanne Gaboury, ADB’s representative, targets renewable energy sectors including green hydrogen production and carbon offsetting initiatives. The strategic alliance is set to propel international investment into India’s renewable energy landscape while furthering ADB’s longstanding mission to support sustainable energy development.

The MoU aligns with ADB’s broader commitment to mobilize $100 billion for green projects by 2030 and supports India’s ambitious goal of achieving a half-terawatt of renewable energy capacity within the same timeframe. Nasdaq-listed ReNew Energy (NASDAQ:RNW, NASDAQ:RNWWW), which had already invested approximately $8 billion in clean energy initiatives by late September, plans to leverage the new agreement to expand its already impressive portfolio that boasts nearly 14 gigawatts (GW) of generation capacity.

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