, India
Logo of ReNew

ReNew inks $5.3b deal with ADB for climate mitigation projects

The MOU will cover the development of climate change mitigation and adaptation projects.

ReNew Energy Global Plc (ReNew) signed a memorandum of understanding (MOU) with the Asian Development Bank (ADB), valued at $5.3b between 2023 and 2028, for the development of climate change mitigation and adaptation projects.

Introduced during the COP28 conference, the MOU covers impending investments in renewable energy projects, encompassing manufacturing, carbon offset, decarbonisation, and green hydrogen and enabling the transition to sustainable energy.

The deal is a pioneer in the renewables sector over the region. It is anticipated to draw the attention of international investors for infrastructure projects and achieve ADB's $100b funding goal for green energy projects by 2030.

ALSO READ: India needs $101b to meet wind, solar targets

“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 andto deliver on the results envisioned in combating climate change,” Suzanne Gaboury, director general for private sector operations of ADB, stated.

Currently, ReNew holds a portfolio of nearly 14 GW of clean energy capacity. It has invested over $8b in clean energy. Through the MoU, it will permit more funding for future renewable energy projects, reaffirming its position as a leader of the renewable energy sector in the Indian market.

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Summit Power International provides vital LNG support to Bangladesh
Without cross-border electricity supply, LNG is needed by a country facing geographical constraints to deploy renewables.
Power Utility
PLN focuses digital processes on equitable electricity distribution
State-run firm’s president succeeded in electrifying 76,900 villages and sub-districts throughout Indonesia.
VOX POP: How can vehicle-to-grid technologies boost energy transition?
Vehicle-to-grid (V2G) technology is seen as a groundbreaking innovation towards the resilience of the power grid and the improvement of robust energy transition.