- By FYH News Team
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Justin Paget/DigitalVision via Getty Images
India’s ReNew Energy (NASDAQ:RNW) +2.9% pre-market Monday after saying it signed a memorandum of understanding with the Asian Development Bank to collaborate on climate change mitigation and adaptation projects during 2023-28, valued at more than $5.3B.
The company said the MoU, signed at the COP28 climate summit in Dubai, identified potential investments in renewable energy projects, manufacturing, carbon offset projects and green hydrogen, with the aim of jointly supporting sustainable energy transition.
ReNew (RNW) expects the MoU will attract interest from additional international investors to participate in financing long-term debt for significant renewable energy infrastructure projects, while also helping ADB achieve its funding ambition of $100B in green energy projects by 2030.
The company said it has already spent ~$8B in the clean energy space, and the MoU will enable it to raise further funding for renewable energy projects.
More on ReNew Energy Global
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