ReNew Energy Global Plc has secured $331 million from the Asian Development Bank (ADB) to set up a large clean energy project in Andhra Pradesh. This funding is part of a bigger $477 million package, and ADB will bring in the remaining amount through other financial partners.
The project will combine wind and solar power (totaling 837 MWp) along with a battery storage system of 415 MWh. This means the system can store electricity and supply 300 MW of stable power, even when the sun isn’t shining or the wind is low.
Once operational, the project is expected to generate about 1,641 GWh of electricity every year. It will help reduce pollution, improve power reliability.
The funding includes up to $291 million in local currency loans from ADB and $40 million from the Leading Asia’s Private Infrastructure Fund 2, which ADB manages.
ReNew’s Founder and CEO, Sumant Sinha, said that India is now moving into a phase where renewable energy must not only be produced at scale, but also delivered reliably and efficiently. He said the project shows that renewables can meet peak power demand at competitive prices.
ADB’s Vice President Bhargav Dasgupta noted that this is ADB’s first peak power renewable project, calling the hybrid model a “game-changer” for ensuring a steady, dependable, clean energy supply.
This project builds on ReNew’s earlier $2.5 billion investment announced in April to develop a 2.8 GW hybrid renewable complex in Andhra Pradesh, one of the largest of its kind in India.
ReNew and ADB have a long-standing partnership focused on helping India decarbonize its power sector.
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