India`s ReNew signs pact with Asian Development Bank for $5.3 billion
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India's ReNew Energy Global said on Monday it signed a pact worth more than $5.3 billion with Asian Development Bank to collaborate on projects related to tackling climate change.
The memorandum of understanding, signed at the COP28 conference in Dubai, comes as demand for clean energy is booming. The companies have already identified potential investments, Nasdaq-listed ReNew said.
ReNew added the pact covers projects between 2023 and 2028 with a total investment value of more than $5.3 billion and is also expected to draw interest from international investors.
With a portfolio of almost 14 GW of clean energy capacity, ReNew has already invested $8 billion in the clean energy space and the pact will enable it to raise further funds for renewable energy projects.
India is targeting net zero by 2070 and is looking to increase its non-fossil fuel power capacity to 500 GW by 2030, from 186 GW now.
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