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.

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“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 and to 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.