ADB, ReNew Ink $331 Mn Deal for 24/7 Clean Energy in India

• ADB partners with ReNew Vyoman Power for a 837 MW wind-solar plant in Andhra Pradesh
• The project will deliver 300 MW of peak power and improve grid reliability
• ReNew is a leading private renewable energy producer in India

The Asian Development Bank (ADB) has signed a $331 million financing package with ReNew Vyoman Power Private Limited to develop an 837-megawatt wind-solar power plant in Andhra Pradesh, India, featuring a 415-megawatt-hour battery energy storage system (BESS).

The project is expected to provide 300 megawatts of round-the-clock peak power, ensure guaranteed baseload energy, and enhance grid reliability, all of which will support India’s transition to clean energy.

The financing includes a Rs 25.78 billion local currency loan (approximately $291 million) from ADB’s ordinary capital resources and up to $40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). The total debt financing for the project is projected to reach $477 million, with ADB acting as the mandated lead arranger.

The ADB ReNew deal marks a significant step forward in India's clean energy transition, with the solar wind BESS hybrid energy plant set to deliver 24/7 green energy through a sustainable power solution, strengthening the country's renewable power project initiatives.

The ceremony included Bhargav Dasgupta, Vice-President for Market Solutions of the ADB, and Sumant Sinha, ReNew's Founder and CEO.

Dasgupta stated, “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. This landmark project reflects ADB’s long-standing partnership with ReNew, which has spanned multiple investments and initiatives over the years”.

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Sinha said, “India is entering a new phase in clean energy transition, defined not only by scale, but by reliability and flexibility. This project demonstrates that renewable energy can be delivered round-the-clock, competitively, and at grid scale”.

“Our long-standing collaboration with ADB has enabled us to continually push the boundaries of what is possible in clean energy infrastructure. This partnership reinforces our shared commitment to building a resilient, low-carbon energy system for India. As we work towards India’s climate goals, solutions like this will power both economic growth and a sustainable future”, he added.

India, the third largest producer of electricity and greenhouse gas emissions in the world, is rapidly developing its renewable energy sector to respond to demand growth and create a more stable transmission grid.

The project will consist of a mixture of wind, solar, and battery storage, and will aim to create a model for firm, dispatchable renewable energy infrastructure that can provide both reliable peak power and baseload supply.

ReNew is potentially one of the highest value private renewable energy developers in India, having successfully developed energy projects for over 14 years and having a proven record of performance and operational expertise.

LEAP 2, which the ADB is preparing to manage, is a fund focused on sustainable infrastructure projects in developing countries aimed at reducing carbon emissions and improving access to vital services.