New Delhi: ReNew Energy Global Plc said on Friday that it has secured USD 331 million in financing from the Asian Development Bank (ADB) for a large-scale Renewable Energy (RE) project in Andhra Pradesh. The funding is part of a USD 477 million financial package to support the project’s development, with the remaining USD 146 million to be arranged by ADB through other lenders, the company said in a statement.
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ReNew said that the ADB facility strengthens its role in advancing clean energy integration.
The project will integrate 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 alongside a dependable baseload supply, the hybrid system will, according to ReNew, “significantly enhance grid reliability and accelerate India's transition to a low-carbon energy future.”
The USD 331-million debt from ADB includes up to USD 291 million in local currency financing from ADB’s ordinary capital resources and USD 40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2), with ADB arranging the balance.
The financing agreements were signed in the presence of Bhargav Dasgupta, Vice President for Market Solutions at ADB, and Sumant Sinha, Founder, Chairman and CEO of ReNew. “This project demonstrates that renewable energy can now be delivered competitively at the grid scale as per peak power demand requirements,” said Sumant Sinha.
He added that the project builds on the strategic cooperation outlined under a Memorandum of Understanding signed at UNFCCC COP28 to accelerate clean energy deployment and grid transformation.
“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 Bhargav Dasgupta, Vice President for Market Solutions at ADB.
Earlier in April, ReNew had announced a USD 2.5 billion investment to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh, one of India’s largest such projects at a single location.
By integrating wind, solar, and battery storage, ReNew said the new project “sets a blueprint for firm, dispatchable clean energy, delivering reliable power during peak demand and supporting India’s low-carbon growth.”
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Nasdaq-listed ReNew said it had a clean energy portfolio of 18.2 GW (+1.1 GW BESS) on a gross basis as of August 13, 2025. In addition, the company operates 6.4 GW of solar module capacity and 2.5 GW of solar cell manufacturing, and is expanding solar cell capacity by another 4 GW, reinforcing its position across the renewable energy value chain.
