Indian firm inks $5B MoU for decarbonization projects, including hydrogen

India’s renewable energy company ReNew Energy Global has signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) to collaborate on climate change mitigation and adaptation projects, including green hydrogen.

Specifically, the MoU, signed at COP28, identifies potential investments in renewable energy projects, manufacturing, carbon offset projects and green hydrogen, with the aim of jointly supporting sustainable energy transition.

The MoU covers projects with an investment value of more than $5.3 billion between 2023 and 2028, ReNew said, adding that the MoU is expected to draw interest from additional international investors to participate in financing long-term debt for significant renewable energy infrastructure projects. Moreover, it will help ADB achieve its funding ambition of $100 billion in green energy projects by 2030, ReNew noted.

Sumant Sinha, Founder, Chairman and CEO of ReNew, stated: “Today’s agreement marks an exciting time for ReNew. Significant financing is needed to reach global climate targets and this agreement helps secure the capital needed. We look forward to collaborating with the Asian Development Bank over the coming years to meet India’s target of achieving 500 GW of renewable capacity by 2030.”

Suzanne Gaboury, ADB Director General for Private Sector Operations, commented: “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.”

To note, ReNew is said to have a portfolio of almost 14 GW of clean energy capacity with investments of around $8 billion in the clean energy space. The company said that this MoU is expected to enable it to raise further funding for renewable energy projects.

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