The Asian Development Bank (ADB) has signed a $331 million financing agreement with ReNew Vyoman Power Private Limited to develop an 837-megawatt (MW) wind-solar hybrid power plant with a 415-megawatt-hour (MWh) battery energy storage system (BESS) in Andhra Pradesh, India. This large-scale renewable project will supply 300 MW of round-the-clock peak power and guaranteed baseload energy, enhancing grid reliability and accelerating India’s transition toward clean energy.
The financing package consists of a ₹25.78 billion local currency loan (equivalent to $291 million) from ADB’s ordinary capital resources and an additional $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 signing ceremony was attended by ADB Vice-President for Market Solutions Bhargav Dasgupta and ReNew’s Founder, Chairman, and CEO Sumant Sinha.
Mr. Dasgupta highlighted that this marks ADB’s first financing of a round-the-clock renewable energy project, emphasizing that integrating battery storage with wind and solar power will deliver firm, reliable, and sustainable energy while supporting India’s grid stability. He noted that the initiative builds on ADB’s long-standing collaboration with ReNew and demonstrates the potential for advanced renewable technologies to reshape power systems.
ReNew’s CEO, Sumant Sinha, stated that India’s clean energy sector is entering a new era defined by reliability, scalability, and flexibility. He underscored that this project proves renewable energy can deliver consistent power at competitive rates and on a large scale. Sinha added that ReNew’s partnership with ADB has been instrumental in pioneering innovative energy solutions, contributing to India’s climate goals while powering sustainable economic growth.
As the world’s third-largest producer of electricity and greenhouse gas emissions, India is actively expanding its renewable energy capacity to meet rising demand. By combining wind, solar, and BESS technologies, this project represents a milestone in firm, dispatchable renewable energy, offering both guaranteed baseload power and reliable peak supply to support national grid resilience.
ReNew, one of India’s largest private renewable energy producers, operates 11.2 gigawatts (GW) of installed capacity across multiple states, with 7.3 GW under construction or committed. With more than 14 years of experience, the company has established itself as a leader in clean energy innovation and project execution.
LEAP 2, established in 2023 and managed by ADB with a $1.5 billion contribution from the Japan International Cooperation Agency (JICA), supports sustainable private sector infrastructure projects that reduce carbon emissions and improve access to essential services across ADB’s developing member countries.
Founded in 1966, the Asian Development Bank continues to play a leading role in promoting inclusive, resilient, and sustainable growth across Asia and the Pacific. With 69 member countries, ADB leverages innovative financial solutions and partnerships to advance infrastructure, environmental sustainability, and economic transformation across the region.
