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ReNew Energy Global Plc has secured USD 331 million in financing from the Asian Development Bank (ADB) for a major renewable energy project in Andhra Pradesh. The initiative, part of a USD 477 million package, will combine wind, solar, and battery storage to deliver dependable peak power and enhance grid stability. The project, which will produce around 1,641 gigawatt-hours of clean energy annually, aligns with India's low-carbon transition goals and builds on the collaboration outlined under the UNFCCC COP28 framework to expand clean energy deployment.
ReNew Energy Global Plc, one of India's leading renewable energy developers and a key partner in decarbonisation, announced earlier this week that it had secured USD 331 million in funding from the Asian Development Bank (ADB) for a large-scale renewable energy project in Andhra Pradesh. This amount forms part of a broader USD 477 million financial package, with the remaining USD 146 million to be mobilised by ADB through other lending partners. Advertisement
The project integrates 837 MWp of wind and solar generation capacity alongside a 415 MWh battery energy storage system (BESS). It is designed to provide 300 MW of peak power while maintaining a reliable baseload supply, which will contribute significantly to grid stability and India's clean energy transition.
According to the company, the USD 331 million funding includes up to USD 291 million in local currency financing from ADB's ordinary capital resources and an additional USD 40 million from the ADB-administered Leading Asia's Private Infrastructure Fund 2 (LEAP 2). The signing of the financing agreements was attended by Bhargav Dasgupta, ADB's Vice President for Market Solutions, and Sumant Sinha, Founder, Chairman and CEO of ReNew.
Sumant Sinha stated that the project exemplifies how renewable energy can now be delivered competitively at grid scale to meet peak power demand. The project also aligns with the Memorandum of Understanding signed at UNFCCC COP28, which aims to accelerate clean energy deployment and transform grid infrastructure.
Bhargav Dasgupta mentioned that this was ADB's first financing of a peak power renewable project and that it is expected to generate approximately 1,641 gigawatt-hours of clean energy annually. Earlier this year, ReNew had also announced an investment of USD 2.5 billion to establish a 2.8 GW hybrid renewable energy complex in Andhra Pradesh-one of India's largest projects at a single site.
By combining wind, solar, and battery storage technologies, the new project is intended to serve as a model for firm, dispatchable clean energy supply, enabling reliable power delivery during peak demand periods and supporting India's sustainable growth objectives. Nasdaq-listed ReNew currently holds a clean energy portfolio of 18.2 GW, including 1.1 GW of BESS capacity, and is expanding its manufacturing capabilities with 6.4 GW of solar modules and 2.5 GW of solar cells, with a further 4 GW solar cell capacity under development.
ReNew's collaboration with ADB underscores the growing confidence in India's renewable energy landscape and highlights the increasing shift towards integrated power systems combining wind, solar, and storage. The project's design, centred on delivering reliable peak power, marks a milestone in sustainable grid innovation. With its extensive clean energy portfolio and expanding manufacturing base, ReNew continues to strengthen its leadership in India's energy transition while contributing to the nation's broader decarbonisation and energy security objectives.
Source - PTI
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