ReNew Energy Global has announced that it has secured USD 331 million from the Asian Development Bank (ADB) to develop an 837 MWp wind-solar hybrid plant with 415 MWh battery energy storage system (BESS) in Andhra Pradesh.
This is a part of a USD 477 million financial package secured that will support the development of the project. The balance USD 146 million will be arranged by ADB through other lenders, the company said in a statement.
Designed to deliver 300 MW of peak power along with dependable baseload supply, the project will significantly enhance grid reliability and accelerate India’s transition to a low-carbon energy future, the company said.
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 by Bhargav Dasgupta, Vice-President for Market Solutions at ADB, and Sumant Sinha, Founder, Chairman and CEO of ReNew.
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.”
Bhargav Dasgupta, Vice-President for Market Solutions at ADB, said, “This is the first round-the-clock peak renewable energy project to be financed by ADB. The integration of BESS with wind-solar hybrid systems ensures firm and reliable clean power, improves grid stability, and supports India’s transition to a sustainable energy future.”
The project deepens a long-standing relationship between ReNew and ADB, which has supported multiple investments aimed at decarbonising India’s power sector. 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.
Earlier this year, in April, ReNew announced USD 2.5 billion investment to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh. 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.
Aligned with the Make in India mission, it will feature 100 percent domestically manufactured solar panels, advanced tracking systems, and waterless robotic cleaning to maximise output and conserve resources, the company stated.
