ReNew Pens MoUs For ~$7.8B Debt Funding For Green Energy Projects

ReNew Energy Global PLC RNW penned Memorandums of Understanding (MoUs) worth INR 640 billion ($7.8 billion) for its green energy projects.

The company signed the deal with Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) at the Clean Energy Ministerial meeting in Goa.

As per the deal, RNW will receive INR 320 billion ($3.9 billion) each from PFC and REC for financing its current and impending energy transition projects. 

The MoUs will support the company's ongoing efforts to further the clean energy transition under India's G20 presidency.

"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," said Kailash Vaswani, President, Corporate Finance.

Price Action: RNW shares are trading higher by 6.04% at $6.24 on the last check Friday.