Renewable energy company ReNew Energy Global has inked an initial pact with the Asian Development Bank (ADB) for a funding of $5.3 billion. 

“The MoU was signed at COP28, Dubai by ReNew’s Founder, Chairman and CEO Sumant Sinha and Suzanne Gaboury, the director general (private sector operations department), ADB,” a company statement said. 

According to the statement, the MoU identifies potential investments in renewable energy projects, manufacturing, carbon offset projects and green hydrogen to jointly support sustainable energy transition. 

ReNew Energy Global and ADB will also collaborate on climate change mitigation and adaptation projects. 

The initial pact covers lending of more than $5.3 billion between 2023 and 2028. 

The MoU, a first of its kind in the Indian renewable energy sector, is expected to draw interest from additional international investors to participate in financing long-term debt for significant renewable energy infrastructure projects. 

In addition, it will help ADB achieve its funding ambition of $100 billion in green energy projects by 2030. 

Mr Sinha in a statement has said: “Today's agreement marks an exciting time for ReNew. Significant financing is needed to reach global climate targets, and this agreement helps secure the capital needed. We look forward to collaborating with Asian Development Bank over the coming years to meet India’s target of achieving 500 gw of renewable capacity by 2030.”