ReNew Energy Global Plc, India’s leading renewable energy company and a preferred decarbonization partner, today announced that it has secured US $331 million from the Asian Development Bank (ADB). This is a part of a US $477 million financial package secured that will support the development of a large-scale clean energy project in Andhra Pradesh.
The balance of US $146 million will be arranged by ADB through other lenders. The project integrates 837 MWp of wind and solar capacity with a 415 megawatt-hour (MWh) battery energy storage system (BESS). Designed to deliver 300 MW of peak power along with a dependable baseload supply, the project will significantly enhance grid reliability and accelerate India’s transition to a low-carbon energy future.
The US $331 million debt from ADB comprises up to US $291 million in local currency financing from ADB’s ordinary capital resources and up to US $40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2), with ADB arranging the remainder.
The signing of financing agreements was presided over by Bhargav Dasgupta, Vice-President for Market Solutions at ADB, and Sumant Sinha, Founder, Chairman, and CEO of ReNew.
Sumant Sinha, Founder, Chairman, and CEO of ReNew, said, “India is entering a new phase of the clean energy transition under Prime Minister Modi’s leadership. This phase is defined not only by scale, but by reliability and flexibility. This project demonstrates that renewable energy can now be delivered competitively at grid scale as per peak power demand requirements. Our long-standing collaboration with ADB has enabled us to continually push the boundaries of what is possible in clean energy infrastructure, and this partnership reinforces our shared commitment to building a resilient, low-carbon energy system for India.”
“This is the first round-the-clock peak renewable energy project to be financed by ADB. The integration of BESS with wind-solar hybrid systems ensures firm and reliable clean power, improves grid stability, and supports India’s transition to a sustainable energy future,” said Mr. Dasgupta. “This landmark project reflects ADB’s long-standing partnership with ReNew, which has spanned multiple investments and initiatives over the years.”
The project deepens a long-standing relationship between ReNew and ADB, which has supported multiple investments aimed at decarbonizing India’s power sector. It also builds on the strategic cooperation outlined under a Memorandum of Understanding signed at UNFCCC COP28 to accelerate clean energy deployment and grid transformation.
Earlier this year, in April, ReNew announced a US$2.5 billion investment to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh, one of India’s largest at a single location. By integrating wind, solar, and battery storage, the project sets a blueprint for firm, dispatchable clean energy, delivering reliable power during peak demand and supporting India’s low-carbon growth. Aligned with the Make in India mission, it will feature 100% domestically manufactured solar panels, advanced tracking systems, and waterless robotic cleaning to maximize output and conserve resources.
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