ReNew Energy Global Plc signed a memorandum of understanding (MoU) with Societe Generale for $1 billion financing to broaden the company’s energy transition projects in India and globally.

The MoU provides up to $1 billion of support, including debt financing and advisory solutions, over the next three years, the Nasdaq-listed Indian renewable energy company said in a statement.

Under the pact, 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.

“This MoU marks an important step in our collaboration with ReNew. We look forward to supporting their significant growth ambitions and driving the deployment of green energy in the market,” Societe Generale India Chief Executive and Chief Country Officer Katan Hirachand said.

ReNew, founded by Sumant Sinha, said it clean energy portfolio of around 15.6 gigawatts on a gross basis as of 9 May is one of the largest globally.

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