Societe Generale acted as mandated lead arranger and hedge provider for a USD 1.2 billion green loan for ReNew Power, one of India’s largest renewable energy developers.
ReNew will use the proceeds from the loan, which reached financial close in early 2023, to build 900 megawatts of wind capacity, 400 megawatts of solar, and a battery capable of storing 100 megawatt hours of electricity. The project will be located across the states of Maharashtra, Karnataka, and Rajasthan in India. This is one of the first utility-scale, “round the clock” projects combining wind, solar and battery technology in India.
The transaction supports Societe Generale’s target of facilitating EUR 300 billion in sustainable finance by 2025.
Read more on Societe Generale’s net-zero targets here.
This case study was originally published in the Net-Zero Banking Alliance 2023 Progress Update (December 2023).
Disclaimer: NZBA shares case studies to promote member banks’ awareness of new approaches, tools, products, services, and transactions related to financing the transition to net zero. Featuring a case study naming a particular bank does not represent an endorsement of all actions from that bank.