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Green energy solutions provider ReNew on Friday said it has signed memorandums of understanding (MoUs) worth ₹64,000 crore, or $7.9 billion, with Central government’s power project financing arms, PFC and REC, for its green energy projects.
According to the MoUs signed with the lenders at the Clean Energy Ministerial meeting in Goa, ReNew will receive ₹32,000 crore (around $3.9 billion) each from PFC and REC for financing its current and upcoming energy transition projects, the Nasdaq-listed firm said.
The MoUs support the ongoing efforts to further the clean energy transition under India’s G20 Presidency, it added.
Fund utilisation
In terms of funding, ReNew is among the top companies to have signed agreements with the two leading financial institutions in India. The company will utilise the funds for new projects including solar, wind, hybrid, energy storage, solar modules and cell manufacturing, and green hydrogen.
ReNew President Corporate Finance Kailash Vaswani said the MoUs will help the company meet its current and future financing needs and demonstrate ReNew’s ability to raise long-term financing for large-scale green energy projects.
Sources said that projects of a total of 8 gigawatts (GW) have already been commissioned by ReNew.
An additional 6 GWs of projects are underway. ReNew has also won a 3 GW portfolio of projects. The funding is to be allocated toward this 9 GW of projects, which includes solar, wind power, green hydrogen, battery storage and cell manufacturing, one of the sources added.
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