ReNew secures USD 331 mn finance from ADB for RE project in Andhra Pradesh

New Delhi, Nov 7 (PTI) ReNew Energy Global Plc on Friday said it has secured USD 331 million finance from Asian Development Bank (ADB) for a large-scale renewable energy project in Andhra Pradesh.

This is a part of a USD 477 million financial package secured to support the development of a large-scale clean energy project in Andhra Pradesh, and the balance USD 146 million will be arranged by ADB through other lenders, the company said in a statement.

ReNew Energy Global Plc, India's leading renewable energy company and a preferred decarbonisation partner, on Friday announced that it has secured USD 331 million from the Asian Development Bank (ADB), the statement said.

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 will significantly enhance grid reliability and accelerate India's transition to a low-carbon energy future.

The USD 331-million debt from ADB comprises up to USD 291 million in local currency financing from ADB's ordinary capital resources and up to USD 40 million from the ADB-administered Leading Asia's Private Infrastructure Fund 2 (LEAP 2), with ADB arranging the remainder.

The signing of financing agreements was presided over by 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," Sumant Sinha, Founder, Chairman and CEO of ReNew, said.

It also 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," Bhargav Dasgupta, Vice-President for Market Solutions at ADB, said.

Earlier in April, ReNew 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 at a single location.

By integrating wind, solar, and battery storage, the project sets a blueprint for firm, dispatchable clean energy, delivering reliable power during peak demand and supporting India's low-carbon growth.

Nasdaq-listed ReNew has 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 has 6.4 GW of solar modules, 2.5 GW of solar cell manufacturing and is expanding the solar cell capacity by 4 GW. PTI KKS KKS SHW