ReNew Energy Global Secures USD 331 Million from ADB for Renewable Energy Project in Andhra Pradesh

ReNew Energy Global Plc has secured USD 331 million from the Asian Development Bank (ADB) for a renewable energy project in Andhra Pradesh. This funding is part of a larger USD 477 million financial package aimed at supporting clean energy development in the region. The remaining USD 146 million will be sourced by ADB through other lenders, according to a company statement.

The project will integrate 837 MWp of wind and solar capacity with a 415 megawatt-hour battery energy storage system. It aims to deliver 300 MW of peak power and provide a reliable baseload supply, enhancing grid stability and aiding India's shift towards low-carbon energy.

ADB's Role in Financing

The USD 331-million debt from ADB includes up to USD 291 million in local currency financing from its ordinary capital resources. An additional USD 40 million comes from the ADB-administered Leading Asia's Private Infrastructure Fund 2 (LEAP 2). ADB will arrange the remaining funds needed for the project.

Bhargav Dasgupta, Vice President for Market Solutions at ADB, and Sumant Sinha, Founder, Chairman, and CEO of ReNew, oversaw the signing of the financing agreements. This project marks the first peak power renewable energy initiative financed by ADB, expected to generate around 1,641 gigawatt-hours of clean energy annually.

Strategic Cooperation and Future Plans

Sumant Sinha highlighted that this project shows renewable energy can be competitively delivered at grid scale to meet peak power demand. "This project demonstrates that renewable energy can now be delivered competitively at the grid scale as per peak power demand requirements," he stated. The initiative builds on strategic cooperation outlined under a Memorandum of Understanding signed at UNFCCC COP28 to accelerate clean energy deployment and grid transformation.

In April, ReNew announced a USD 2.5 billion investment for a 2.8 GW hybrid renewable energy complex in Andhra Pradesh. This complex is one of India's largest single-location projects. By combining wind, solar, and battery storage, it aims to provide firm, dispatchable clean energy during peak demand periods, supporting India's low-carbon growth trajectory.

ReNew's Expanding Portfolio

As of August 13, 2025, Nasdaq-listed ReNew boasts a clean energy portfolio of 18.2 GW plus an additional 1.1 GW in battery energy storage systems on a gross basis. The company also has significant manufacturing capabilities with 6.4 GW of solar modules and 2.5 GW of solar cell production capacity, which it plans to expand by another 4 GW.

This project not only sets a precedent for future renewable initiatives but also underscores ReNew's commitment to sustainable energy solutions in India.

With inputs from PTI