ReNew Energy Global has secured $331m from the Asian Development Bank (ADB) to support the development of a large-scale renewable energy project in the Indian state of Andhra Pradesh.
The total agreed financial package is valued at $477m, with the remaining $146m to be arranged by ADB through other lenders.
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The financing agreements were signed by ADB vice-president for market solutions, Bhargav Dasgupta, alongside ReNew’s founder, chair, and CEO Sumant Sinha.
The project aims to enhance grid reliability and accelerate India’s transition to a low-carbon energy future.
The renewable energy project will integrate 837MW of wind and solar capacity with a 415MWh battery energy storage system (BESS).
The hybrid system is designed to deliver 300MW of peak power and a dependable baseload supply.
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By GlobalDataThe $331m debt from ADB comprises up to $291m in local currency financing from ADB’s ordinary capital resources and up to $40m from the ADB-administered Leading Asia’s Private Infrastructure Fund 2.
Dasgupta said: “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.
“This landmark project reflects ADB’s longstanding partnership with ReNew, which has spanned multiple investments and initiatives over the years.”
The move builds on the strategic cooperation set out in a memorandum of understanding signed at the United Nations Framework Convention on Climate Change Conference of Parties 28 to fasten clean energy deployment and grid transformation.
Sinha 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 longstanding 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 May, ReNew announced a $2.5bn investment to build a 2.8GW hybrid renewable energy complex in Andhra Pradesh, set to be one of the India’s largest single-location projects.
Aligned with the Make in India initiative, the project will deploy only domestically manufactured solar panels, advanced tracking systems, and waterless robotic cleaning technology to maximise output and conserve resources.
