ReNew inks initial pact with Societe Generale for $1 billion debt financing

Energy firm ReNew on Wednesday announced that it has signed an initial pact with European bank Societe Generale for up to $1 billion financing as debt and advisory solutions over the next three years.

ReNew has signed a Memorandum of Understanding (MoU) with Societe Generale, to support the financing and development of the company's various strategic energy transition projects both in India and globally, a company statement said.

Both parties will leverage their respective expertise to strengthen the collaboration on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage and solar modules manufacturing.

ReNew Chairperson and Chief Executive Officer Sumant Sinh said, "This MoU represents a key milestone towards our ambitions in India and worldwide. Societe Generale is a trusted partner for accelerated deployment of renewable energy projects, and this collaboration will contribute towards India's net zero goals."

ReNew has a clean energy portfolio of 15.6 GW on a gross basis as of May 9, 2024.

In addition to being a major independent power producer in India, it provides end-to-end solutions in a just and inclusive manner in the areas of clean energy, and value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change.

RED.Health raises $20 mn from Jungle Ventures, others

Medical emergency response platform RED.Health on Wednesday said it has raised $20 million (around Rs 167 crore) in Series B funding round. The new investment was led by Jungle Ventures and saw participation from existing and new investors, including HealthQuad, HealthX, and Alteria Capital, it said in a statement. The company intends to utilise the funds to bring in technology-driven solutions like auto-dispatch system that will minimise human errors and optimise response time, it added. "With this round, we're set to scale operations in becoming the only integrated medical emergency response platform in India," RED.Health Founder and CEO Prabhdeep Singh said.