Societe Generale and ReNew sign MOU to broaden collaboration on energy transition projects
MOU will support the financing and development of large-scale energy transition projects in India and globally
Societe Generale today announced that it has signed a Memorandum of Understanding (MOU) with ReNew, India’s leading renewable energy company (NASDAQ: RNW), to support the financing and development of the company’s various strategic energy transition projects both in India and globally.
Under the MOU, which references up to USD 1 billion of support over the next three years, primarily focused on debt financing and advisory solutions, both parties will leverage their respective expertise to strengthen the collaboration on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage and solar modules manufacturing.
Dr. Katan Hirachand, Chief Executive and Chief Country Officer of Societe Generale India said: “ReNew’s commitment to the energy transition in India and beyond aligns with Societe Generale’s focus on supporting our clients’ sustainability journey, in line with our Group’s ambition. This MOU marks an important step in our collaboration with ReNew – we look forward to supporting their significant growth ambitions and driving the deployment of green energy in the market.”
Sumant Sinha, Founder, Chairperson and Chief Executive Officer of ReNew said: ”This MOU represents a key milestone towards our ambitions in India and worldwide. Societe Generale is a trusted partner for accelerated deployment of renewable energy projects, and this collaboration will contribute towards India’s net zero goals.”
About Societe Generale:
Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders. For more information, please visit www.societegenerale.asia
About ReNew:
ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of ~15.6 GW on a gross basis as of May 09, 2024, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change. For more information, visit renew.com and follow us on LinkedIn, Facebook, Twitter and Instagram.