ReNew Energy Global Plc has secured $331 million from the Asian Development Bank (ADB) to support the development of a large-scale clean energy project in Andhra Pradesh. This is part of ADB’s $477 million financial package for the project. The balance $146 million will be arranged by ADB through other lenders.
The project integrates 837 MWp of wind and solar capacity with a 415 MWh battery energy storage system (BESS). It is designed to deliver 300 MW of peak power along with dependable baseload supply.
The $331 million debt from ADB comprises up to $291 million in local currency financing from ADB’s ordinary capital resources and up to $40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2), with ADB arranging the remainder.
“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,” said Sumant Sinha, Founder, Chairman and CEO of ReNew. “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 peak power renewable energy project to be financed by ADB and is expected to generate about 1,641 gigawatt-hours of clean energy per year,” said Bhargav Dasgupta, Vice-President for Market Solutions at ADB. “Combining battery energy storage with wind–solar hybrid systems is a game-changer unlocking dependable clean power, stabilizing the grid, and advancing the country’s renewable energy sector.”
Earlier this year, in April, ReNew announced $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.
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