Société Générale has signed a memorandum of understanding with ReNew, a decarbonization solutions company based in India, to support the financing and development of energy transition projects in India and globally.

Under the MoU, the parties will invest up to US$1 billion in such projects over the next three years, primarily through debt financing and advisory solutions.

Leveraging their respective fields of expertise, the two will collaborate on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage, and solar module manufacturing.

“ReNew’s commitment to the energy transition in India and beyond aligns with Société Générale’s focus on supporting our clients’ sustainability journey, in line with our group’s ambition,” says Katan Hirachand, chief executive and chief country officer of Société Générale India.

Sumant Sinha, founder, chairman and CEO of ReNew, adds: “Société Générale is a trusted partner for accelerated deployment of renewable energy projects, and this collaboration will contribute towards India’s net zero goals.”