As part of the deal, the Nasdaq-listed company secured $331 million from the ADB. The remaining $146 million will be arranged by ADB through other lenders, ReNew said.
The project integrates 837 megawatt peak (MWp) of wind and solar energy capacity with a 415 megawatt hour (MWh) battery energy storage system (BESS). The project is designed to deliver 300 MW of peak power in combination with a reliable baseload supply. The project will significantly increase the reliability of the electricity grid and accelerate India’s transition to a low-carbon energy future, it added.
ADB’s debt of $331 million includes up to $291 million of local currency financing from ADB’s ordinary capital sources and up to $40 million from ADB’s managed Leading Asia’s Private Infrastructure Fund 2 (LEAP 2), with ADB arranging the remainder.
ReNew CEO Sumant Sinha said: “This project demonstrates that renewable energy can now be supplied competitively at network scale, depending on peak energy demand.”
This is the first peaking renewable energy project financed by ADB and is expected to generate approximately 1,641 gigawatt hours of clean energy per year,” said Bhargav Dasgupta, vice president for Market Solutions at ADB.
Combining battery energy storage with wind-solar hybrid systems is a game-changer that unlocks reliable clean energy, stabilizes the power grid and advances the country’s renewable energy sector, he added.
The project deepens a long-standing relationship between ReNew and ADB, which has supported multiple investments aimed at decarbonizing India’s energy sector. It also builds on the strategic cooperation outlined in the Memorandum of Understanding signed at the UNFCCC COP28 to accelerate clean energy deployment and electricity grid transformation.
In April 2025, ReNew announced a $2.5 billion investment to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh, one of India’s largest in a single location. By integrating wind, solar and battery storage, the project creates a blueprint for robust, available clean energy, delivering reliable power during peak demand and supporting India’s low-carbon growth. It will feature indigenously manufactured solar panels, advanced tracking systems and waterless robotic cleaning to maximize output and save resources.
Published on November 7, 2025
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