ReNew Signs MoUs with PFC and REC for INR 640 Billion for Green Energy Projects
PFC, REC commit to debt funding of INR 320 billion each. ReNew will utilise the funds for new projects including solar, wind, hybrid, energy storage, solar modules and cell manufacturing, and green hydrogen.
July 21, 2023. By Anurima Mondal
According to the MoUs signed with the lenders at the Clean Energy Ministerial meeting in Goa, ReNew will receive INR 320 billion (USD 3.9 bn) 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 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.
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.”
please contact: contact@energetica-india.net.
Aman Mehtani
Founder & Group CEO
ADM Group Offers Smart, Sustainable Solutions for Global Automotive Industry
Gaurav Dolwani
CEO
From Scrap to Sustainability: LICO Materials’ Circular Economy Approach
Gaurav Kumar
Head of Supply Chain and Manufacturing
Euler Motors Bridges Cost Gap Between EVs and ICE Vehicles with Localization
Shveta Arya
India Region Leader
Powering India’s Mobility Future: Cummins Showcases Advanced Power Solutions at Bharat Mobility
Samkit Shah
Co-Founder
Jitendra EV Leading Hybrid EV Revolution with Hydrix