ReNew Energy Global has inked a memorandum of understanding (MoU) with the Asian Development Bank (ADB) at COP28.
The MoU outlines a strategic partnership to explore potential investments exceeding $5.3 billion between 2023 and 2028. The collaboration spans various fronts, including renewable energy projects, manufacturing initiatives, carbon offset projects, and the pivotal realm of green hydrogen. The overarching goal is to jointly bolster India’s journey towards a sustainable energy transition, aligning with global climate targets.
Central to this collaboration is the emphasis on green hydrogen, a clean fuel produced through renewable energy sources. As nations seek cleaner alternatives to traditional fuels, green hydrogen has emerged as a promising solution. ReNew Energy Global, with its expansive portfolio of almost 14 GW in clean energy capacity, is poised to leverage this partnership to advance technologies vital for producing and utilizing green hydrogen.
The MoU not only signifies a commitment to combating climate change but also serves as a financial catalyst. With an investment horizon spanning five years, this collaboration is expected to attract international investors, supporting long-term debt financing for substantial renewable energy infrastructure projects. It becomes a stepping stone for ReNew Energy to achieve India’s ambitious target of 500 GW of renewable capacity by 2030.
