ReNew has secured debt financing from European bank Societe Generale to support the development of its various strategic energy transition projects both in India and globally.

The developer has signed a memorandum of understanding (MoU) with Societe Generale. Under the MoU, Societe Generale will provide up to $1 billion of debt finance and advisory solutions over the next three years.

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.

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.”

ReNew is a major independent power producer in India with a current clean energy portfolio of 15.6 GW.