ReNew secures $331 mn funding from ADB for Andhra renewable energy project

ReNew Energy Global Plc on Friday announced that it has secured $331 million from the Asian Development Bank (ADB) as part of a $477 million financial package that will support the development of a large-scale clean energy project in Andhra Pradesh.

 

The balance of $146 million will be arranged by ADB through other lenders, the company said in a statement. The project integrates 837 megawatt (MW) wind and solar capacity with a 415 megawatt-hour (MWh) battery energy storage system (BESS). It is expected to deliver 300 MW of peak power along with base-load supply.

 

The $331 million debt from ADB comprises up to $291 million in local currency financing from ADB’s ordinary capital resources and up to $40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2), with ADB arranging the remainder. The agreement was signed in the presence of Bhargav Dasgupta, vice-president, market solutions, ADB, and Sumant Sinha, founder, chairman and chief executive officer, ReNew. 

 

“This project demonstrates that renewable energy can now be delivered competitively at grid scale as per peak power demand requirements,” Sinha said. This will be the first peak power renewable energy project financed by ADB and is expected to generate 1,641 gigawatt-hours of clean energy annually.

 

ReNew had, in April 2025, announced a $2.5 billion investment to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh — one of India’s largest projects at a single location.

 

ReNew has a clean energy portfolio of 18.2 GW and 1.1 GW of BESS. In addition, the company operates 6.4 GW of solar module and 2.5 GW of solar cell manufacturing capacity, and is expanding its solar cell capacity by an additional 4 GW.