ReNew inks MoU worth Rs 640 billion with REC and PFC

During the 14th Clean Energy Ministerial meeting in Goa, ReNew Energy Global Plc (ReNew) inked Memorandums of Understanding (MoUs) totalling Rs 640 billion with REC Limited and Power Finance Corporation Limited (PFC Limited) for green energy projects.

ReNew will receive Rs 320 billion from PFC Limited and REC Limited each for the purpose of funding its ongoing and prospective energy transition initiatives. The company plans to use the funding for new initiatives in green hydrogen production, solar, wind, hybrid, and energy storage, cells manufacturing and solar modules.

In July 2023, REC Limited signed MoU with Avaada Group. This agreement has been made to support Avaada’s diverse energy transition ventures, with the total investment reaching Rs 200 billion.

In May 2023, REC Limited undertook an exclusive listing of its recently issued green bonds of $750 million raised under its Global Medium Term Programme of $7 billion at GIFT IFSC Stock Exchanges in a primary listing ceremony held at GIFT IFSC, Gandhinagar. This is the largest ever tranche conducted by an Indian NBFC and is a first green bond issuance by an Indian company post India’s G20 Presidency.