ReNew Energy Global Plc, one of India’s foremost renewable energy companies and a trusted decarbonization partner, has announced the successful securing of US$331 million in financing from the Asian Development Bank (ADB). This forms part of a US$477 million total financial package aimed at developing a large-scale clean energy project in Andhra Pradesh. The remaining US$146 million will be mobilized by ADB through additional lending partners.
The project will combine 837 MWp of wind and solar generation capacity with a 415 megawatt-hour (MWh) battery energy storage system (BESS). Designed to deliver 300 MW of peak power alongside a reliable baseload supply, the initiative is set to strengthen grid stability and play a crucial role in advancing India’s low-carbon energy transition.
Of the total funding, US$331 million represents ADB’s contribution, consisting of up to US$291 million in local currency loans from its ordinary capital resources and an additional US$40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). ADB will also arrange the balance of the financing through other partner institutions.
The financing agreements were formally signed in the presence of 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 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 Mr. Dasgupta. “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.”
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 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.
