ReNew bags $7.8b to fund green energy projects

The amount will be provided by the Power Finance Corp. and Rural Electrification Corp.

India-based ReNew Energy signed a memorandum of understanding (MOU) with Power Finance Corporation (PFC) and the Rural Electrification Corporation (REC) to secure around $7.8b (INR640b) funding for its green energy projects.

In a statement, ReNew said the MOU required PFC and REC to lend the company around $3.9b (INR320b) each.

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The MOU was signed at the Clean Energy Ministerial meeting in Goa.

“We have a long-standing relationship with PFC and REC, who are among the biggest lenders to the energy sector. These MoUs will help us meet our current and future financing needs and demonstrate ReNew’s ability to raise long-term financing for large-scale green energy projects. We will leverage this relationship for our energy transition goals,” said ReNew President of Corporate Finance Kailash Vaswani.