New Delhi: Nasdaq-listed ReNew on Friday signed a $331 million financing deal with the Asian Development Bank to develop a large-scale renewable energy project in Andhra Pradesh. The multilateral agency will also provide an additional $146 million through other lenders, ReNew said in a statement.

The planned project will integrate 837 MWp of wind and solar capacity with a 415 megawatt-hour (MWh) battery energy storage system (BESS). It will be designed to deliver 300 MW peak power.

In April this year, ReNew had announced a $2.5 billion investment to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh.

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, the company said.

Commenting on the development, Sumant Sinha, founder, chairman and chief executive officer of ReNew, said that the project “demonstrates that renewable energy can now be delivered competitively at grid scale as per peak power demand requirements”.

Bhargav Dasgupta, vice-president for market solutions at ADB said this is the first peak power renewable energy project to be financed by the Manila-headquartered agency and it is expected to generate about 1,641GWh of clean energy per year.

He added that combining battery energy storage with wind-solar hybrid systems would be a game-changer, unlocking dependable clean power, stabilizing the grid, and advancing the country’s renewable energy sector.

In May this year, ReNew raised $100 million for its solar module and cell manufacturing subsidiary from British International Investments (BII).

The development comes at a time when ReNew has been selling assets as part of its capital recycling strategy. Last month, the company agreed to sell 300MW of solar projects to Singapore’s Sembcorp Industries Ltd in a deal with an equity and enterprise value of around $100 million and $190 million. In June, it announced signing definitive agreements to sell its solar and transmission assets to IndiGrid Infrastructure Trust.

Recently, the company also in principle agreed to a $8.15-per-share cash buyout offer from a consortium of key shareholders for its proposed delisting from Nasdaq. In December last year, the promoters’ consortium, including the Canada Pension Plan Investment Board (CPPIB), the Abu Dhabi Investment Authority (ADIA) and founder Sumant Sinha, along with new investor Masdar, proposed to buy out the listed shares to take the company private.

ReNew’s gross clean energy portfolio was at 18.2 GW and 1.1 GW of battery energy storage systems as of 13 August, 2025. It also has 6.4 GW of solar module and 2.5 GW of solar cell manufacturing capacity.