ReNew, ADB Seal US$331 Mn Deal for 837 MWp Hybrid Project With 415 MWh BESS In AP

Gurugram-based renewable energy company ReNew Energy Global Plc has recently secured US$331 million from the Asian Development Bank (ADB) as part of a US$477 million financial package. In a press release, ReNew Energy Global Plc stated that it plans to use the latest financing for a large-scale clean energy project in Andhra Pradesh, with the remaining US$146 million to be arranged by ADB through other lenders.

The project integrates 837 MWp of wind and solar capacity with a 415 megawatt-hour (MWh) battery energy storage system (BESS). Designed to deliver 300 MW of peak power along with a dependable baseload supply, the project aims to significantly enhance grid reliability and accelerate India’s transition to a low-carbon energy future.

The US$331 million debt from ADB 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 (LEAP 2), with ADB arranging the remainder.

About The Agreement

This latest agreement follows ReNew's earlier US$2.5 billion investment made in April 2025 to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh. The earlier project integrated wind, solar, and battery storage to deliver reliable power during peak demand and support India’s low-carbon growth. The project features 100% domestically manufactured solar panels, tracking systems, and waterless robotic cleaning to maximize output and conserve resources.

The latest project further strengthens the long-standing relationship between ReNew and ADB, which have collaborated on multiple investments aimed at decarbonizing India’s power sector. It also builds on the cooperation outlined in a Memorandum of Understanding (MoU) signed at UNFCCC COP28 to accelerate clean energy deployment and grid transformation.

ReNew said the signing of the financing agreements was presided over by Bhargav Dasgupta, Vice President for Market Solutions at ADB, and Sumant Sinha, Founder, Chairman, and CEO of ReNew.

Leadership View

Speaking on the latest investment, 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."