ReNew secures $477 million financial package from ADB

Nasdaq-listed ReNew Energy Global announced a $477 million financial agreement with the Asian Development Bank (ADB) on Friday, marking a significant step toward advancing a clean energy initiative in Andhra Pradesh.

The funding includes $331 million secured directly from ADB, with the remaining $146 million to be syndicated through additional lenders organized by the bank.

This integrated project combines 837 MWp of wind and solar infrastructure with a 415 MWh battery energy storage system (BESS). Engineered to supply 300 MW of peak power while ensuring base load stability, the initiative aims to strengthen India’s grid reliability and hasten the shift toward sustainable energy solutions.

ADB’s $331 million commitment comprises up to $291 million in local currency financing from its core resources, supplemented by $40 million from the LEAP 2 fund, managed by ADB. The bank will coordinate the syndication of the balance.

Sumant Sinha, CEO of ReNew, emphasized, “This initiative showcases how grid-scale renewable energy can competitively meet peak power requirements while supporting India’s decarbonization goals.”

Bhargav Dasgupta, ADB’s Vice-President for Market Solutions, described the undertaking as a milestone, noting it represents ADB’s first financing for a peak power renewable project. “The fusion of battery storage with hybrid wind-solar systems marks a transformative approach, ensuring grid stability while propelling India’s clean energy transition,” he added.

The collaboration extends a longstanding partnership between ReNew and ADB, focusing on decarbonizing India’s power sector. It advances commitments outlined in a Memorandum of Understanding signed during COP28, targeting accelerated clean energy adoption and grid modernization.

Earlier in April 2025, ReNew unveiled plans for a $2.5 billion investment to establish a 2.8 GW hybrid renewable complex in Andhra Pradesh. By merging wind, solar, and storage assets, the project will supply dispatchable clean energy during peak demand, bolster renewable capacity, and utilize domestically produced solar panels alongside water-efficient robotic cleaning technologies.

Published on November 7, 2025