ADB Strengthens Partnership With ReNew To Finance India’s First Round-the-Clock Peak Renewable Energy Project Worth $331 Million

The Asian Development Bank (ADB) has signed a $331 million financing package with ReNew Vyoman Power Private Limited to develop an 837-megawatt (MW) wind-solar hybrid power plant equipped with a 415-megawatt-hour (MWh) battery energy storage system (BESS) in Andhra Pradesh, India. This project will supply 300 MW of round-the-clock peak power and guaranteed baseload energy, enhancing grid reliability and supporting India’s transition to cleaner and more sustainable energy sources.

The financing package comprises a local currency loan of ₹25.78 billion (equivalent to $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 expected to reach $477 million, with ADB acting as the mandated lead arranger. The signing ceremony was attended by ADB Vice-President for Market Solutions, Bhargav Dasgupta, and ReNew’s Founder, Chairman, and CEO, Sumant Sinha.

Commenting on the partnership, Mr. Dasgupta said, “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.”

Mr. Sinha added, “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.”

India, as the world’s third-largest producer of electricity and one of the highest emitters of greenhouse gases, is rapidly expanding its renewable energy capacity to meet rising demand and strengthen grid stability. The integration of wind, solar, and battery storage technologies in this project will establish a benchmark for firm, dispatchable renewable power, providing reliable peak supply and ensuring continuous clean energy delivery.

ReNew is one of India’s leading renewable energy companies, with an operational capacity of 11.2 gigawatts (GW) across various states and an additional 7.3 GW under construction or committed. With over 14 years of experience, ReNew has a strong track record in developing, commissioning, and operating large-scale renewable energy projects nationwide.

LEAP 2, the ADB-managed fund contributing to this initiative, has a total commitment of $1.5 billion from the Japan International Cooperation Agency (JICA). Established in 2023, LEAP 2 supports sustainable private sector infrastructure projects across Asia that aim to reduce carbon emissions, enhance energy efficiency, and expand access to essential services such as healthcare, education, and communication in developing member countries.

The Asian Development Bank continues to play a central role in promoting sustainable and inclusive growth across Asia and the Pacific. Since its establishment in 1966, ADB has worked closely with its 69 member countries—50 of which are from the region—to address complex development challenges through innovative financial solutions, partnerships, and infrastructure investments that support long-term environmental and economic resilience.