ReNew Energy Global announced that it has secured $331 million in financing from the Asian Development Bank as part of a US$477 million package to develop an integrated renewable energy project in Andhra Pradesh. The remaining $146 million will be arranged by ADB through additional lenders. The project combines 837 MWp of wind and solar capacity with a 415 MWh battery energy storage system designed to deliver 300 MW of peak power while providing a stable and reliable clean energy supply.

The financing package includes 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. The signing of the financing agreements took place between Bhargav Dasgupta, Vice-President for Market Solutions at ADB, and Sumant Sinha, Founder, Chairman, and CEO of ReNew.

The project is expected to generate an estimated 1,641 GWh of renewable energy annually, contributing to grid stability and advancing India’s transition toward a low-carbon economy. The development reinforces the longstanding collaboration between ReNew and ADB, which has supported multiple initiatives aimed at decarbonising India’s power sector. The partnership also aligns with the strategic cooperation established during the UNFCCC COP28 to accelerate the deployment of clean energy.

This initiative follows ReNew’s earlier announcement in April of a US$2.5 billion investment to build a 2.8 GW hybrid renewable energy complex in Andhra Pradesh. The complex integrates wind, solar, and battery storage technologies to supply reliable, dispatchable clean power during peak demand. The project will utilize domestically manufactured solar panels, along with advanced trackers and robotic cleaning systems, to enhance efficiency and minimize resource consumption.

KEY QUOTES:

“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.”

Sumant Sinha, Founder, Chairman and CEO, ReNew

“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. 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.”

Bhargav Dasgupta, Vice-President for Market Solutions, Asian Development Bank