ReNew secures $331 million from ADB for 837 MWp hybrid project with 415 MWh BESS

ReNew Energy Global Plc has secured $331 million in debt financing from the Asian Development Bank (ADB) for a hybrid renewable energy project in Andhra Pradesh. The project comprises 837 MWp of solar and wind capacity integrated with a 415 MWh battery energy storage system (BESS) to supply 300 MW of peak power. The financing is part of a USD477 million package, with the remaining USD146 million to be arranged by ADB through other lenders. Of the total debt, up to USD291 million will be provided in local currency from ADB’s ordinary capital resources and USD40 million through the ADB-administered leading Asia’s Private Infrastructure Fund 2 (LEAP 2). The project builds on ReNew’s earlier USD2.5 billion investment in a 2.8 GW hybrid complex in Andhra Pradesh and follows a memorandum of understanding signed with ADB at COP28 to accelerate clean energy deployment.