7 November 2025
ReNew
·
Part of a US $477 million deal
secured, ReNew will receive US $331 million from ADB, and the balance US $146
million will be arranged by ADB through other lenders
·
Project expected to generate
1,641 GWh of clean energy annually, boosting grid stability and accelerating
India’s energy transition
Gurugram,
India, November 07, 2025: ReNew Energy Global Plc (NASDAQ: RNW), India’s leading
renewable energy company and a preferred decarbonisation partner, today
announced that it has secured US $331 million from the Asian Development Bank
(ADB). This is a part of a US $477 million financial
package secured that will support the
development of a large-scale clean energy project in Andhra Pradesh. The
balance US $146 million will be arranged by ADB through other lenders. 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 dependable baseload supply, the project will
significantly enhance grid reliability and accelerate India’s transition to a
low-carbon energy future.
The US $331 million debt from ADB comprises
up to US $291 million in local currency financing from ADB’s ordinary capital
resources and up to US $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”
"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,” said Mr. Dasgupta. “This landmark project reflects ADB’s long-standing partnership with ReNew, which has spanned multiple investments and initiatives over the years"
The project
deepens a long-standing relationship between ReNew and ADB, which has supported
multiple investments aimed at decarbonizing 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 US$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. Aligned with the
Make in India mission, it will feature 100% domestically manufactured solar
panels, advanced tracking systems, and waterless robotic cleaning to maximize
output and conserve resources.
About ReNew
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| Anunay Shahi, Nitin Vaid | ir@renew.com
