Renew placards Agreement to increase cooperation on energy transition projects with Societe Generale

According to a news statement from the corporation, the MoU will help in the funding and advancement of significant energy transformation projects both in India and throughout the world.

The renewable energy startup ReNew announced on May 15 that it and Societe Generale had inked a Memorandum of Understanding (MoU) to assist the development and funding of the company's many key energy transition projects in India and throughout the world.

Both parties will use their respective areas of expertise to further their cooperation on utility-scale energy projects, such as solar, wind, complex renewables, green hydrogen, energy storage, and solar module manufacturing, under the terms of the $1 billion agreement, which will be inked over the next three years.

"This Memorandum of Understanding is an important step toward our goals in India and throughout the globe. ReNew's founder, chairperson, and chief executive officer, Sumant Sinha, said, "Societe Generale is a reliable partner for accelerated deployment of renewable energy projects, as well as collaboration will be helpful towards India's net zero goals."

The Memorandum of Understanding is a significant milestone in Societe Generale India's partnership with ReNew, according to Katan Hirachand, Chief Executive and Chief Country Officer. "We anticipate bolstering their noteworthy expansion goals and spearheading the implementation of sustainable energy in the industry," Hirachand said.