ReNew gets $331 mn financing from ADB for large-scale renewable energy project in Andhra
New Delhi: Nasdaq-listed ReNew on Friday signed a $331 million financing agreement with the Asian Development Bank to develop a large-scale renewable energy project in Andhra Pradesh. The multilateral agency will also provide an additional $146 million through other lenders, ReNew said in a statement.
The planned project will integrate 837 MWp of wind and solar capacity with a 415 megawatt-hour (MWh) battery energy storage system (BESS). It will be designed to provide 300 MW peak power.
In April this year, ReNew had announced that it would invest $2.5 billion to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh.
The company said that of the $331 million in debt from ADB, up to $291 million consists of local currency financing from ADB’s ordinary capital sources and up to $40 million from the ADB-administered Leading Asia Private Infrastructure Fund 2 (LEAP 2), with the remainder arranged by ADB.
Commenting on the development, Sumant Sinha, founder, chairman and chief executive officer of ReNew, said the project “demonstrates that renewable energy can now be delivered competitively at grid scale according to peak power demand requirements.”
First such project funded by ADB
This is the first high-power renewable energy project to be financed by the Manila-based institution and is expected to produce about 1,641 GWh of clean energy annually, said Bhargav Dasgupta, ADB’s vice president for market solutions.
He added that combining battery energy storage with wind-solar hybrid systems would be a game changer, unlocking reliable clean power, stabilizing the grid and advancing the country’s renewable energy sector.
In May this year, ReNew raised $100 million from British International Investments (BII) for its solar module and cell manufacturing subsidiary.
This development comes at a time when ReNew is selling assets as part of its capital recycling strategy. Last month, the company agreed to sell 300 MW of solar projects to Singapore’s Sembcorp Industries Ltd in a deal valued at around $100 million and $190 million in equity and enterprise value. In June, it announced it had signed definitive agreements to sell its solar and transmission assets to IndiGrid Infrastructure Trust.
Recently, the company also accepted in principle a cash buyout offer of $8.15 per share from a consortium of key shareholders in its bid to be delisted from Nasdaq. In December last year, a consortium of supporters including the Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority (ADIA) and promoters Sumant Sinha, as well as new investor Masdar, offered to buy the listed shares to take the company private.
ReNew’s gross clean energy portfolio is 18.2 GW and 1.1 GW of battery energy storage systems as of August 13, 2025. It also has a production capacity of 6.4 GW solar modules and 2.5 GW solar cells.
