ReNew Carbon Credits Financing Project (ADB-58406-001)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
ReNew Power Synergy Private Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 20.90 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 20.90 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 21.19 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ ADB website

Updated in EWS Feb 17, 2026

Disclosed by Bank Nov 14, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

For the ReNew Carbon Credits Financing Project, ADB will provide financial support for the development and implementation of carbon sequestration and mitigation projects in India by ReNew Synergy. The financing will include: (i) distributing and installing up to (Confidential information redacted.) energy-efficient improved cookstoves (ICS) to reduce biomass consumption, greenhouse gas emissions and indoor air pollution in the states of (Confidential information redacted.); (ii) planting (Confidential information redacted.) saplings for afforestation project to sequester carbon in the states of (Confidential information redacted.); and (iii) setting up a biochar production facility with a capacity of (Confidential information redacted.) to improve soil health and sequester carbon. (Confidential information redacted.)

 

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The ADB categorized the project E&S risks as follows -

Environment: B
Involuntary Resettlement: C
Indigenous Peoples: B
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

ReNew Power Synergy Private Limited (hereinafter referred to as “ReNew Synergy”), deals with the carbon business wholly owned by ReNew Private Limited (hereinafter referred to as “RPL” or “ReNew”, is one of the largest private utility-scale renewable energy producers in India. 

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, ReNew Energy Global PLC operates as a renewable energy company. The Company focuses on developing wind, solar, and hydro energy projects. ReNew Energy Global serves clients in India.

ReNew Synergy’s carbon offset business offers four solutions to help the companies to offset their carbon footprint along with generating livelihood and there by empowering the communities. In the year 2021, ReNew had sold nearly 15 million Renewable Energy (RE) Credits (Carbon Credits) which is about 12% of the global market share and ReNew is potential to generate 10 Million credits annually. The company seeks financial assistance from lenders to implement: i. Improved cookstoves (ICS) in 200,000 rural households in Maharashtra and Bihar ii. 6-month pilot study for the bioethanol based cookstoves in Uttar Pradesh. iii. Agroforestry project involving around 22 million trees to be planted in small landholding farms in Odisha, Assam, Andhra Pradesh and Maharashtra (1 million in 2024 and the rest in subsequent years); and iv. Construct and operate the biochar facility (Biochar production-6436 tones/year, Bio oil-3395 tones/year) (tentatively in Tamil Nadu/Punjab). 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - ReNew Energy Global PLC (formerly ReNew Power Ltd) Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

ADB Team Leader:

Japnit Kaur
Email: kaur@adb.org 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.adb.org/forms/request-information-form

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.

How it works

How it works