PFC and REC financing ReNew’s current and upcoming energy transition projects
ReNew Energy Global Plc (Nasdaq: RNW, RNWWW) has signed Memorandums of Understanding (MoUs) worth Rs.640 billion (~US$7.8 billion) with Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) for its green energy projects, including solar, wind, hybrid, energy storage, solar modules and cells manufacturing and green hydrogen.
According to the MoUs signed with the lenders at the Clean Energy Ministerial meeting in Goa, ReNew will receive Rs.320 billion (~US$3.9 billion) each from PFC and REC for financing its current and upcoming energy transition projects.
The MoUs support the ongoing efforts to further the clean energy transition under India’s G20 presidency.
In terms of the funding, ReNew is among the top companies to have signed agreements with the two leading financial institutions in India.
Kailash Vaswani, President, Corporate Finance at ReNew, said, “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.”
ReNew is the leading decarbonisation solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew’s clean energy portfolio of ~13.4 GW on a gross basis as of 30 September 2022, is one of the largest globally. Fiinews.com
