The Asian Development Bank (ADB) has signed a $331 million finance package with ReNew Vyoman Power Private Limited for an 837-megawatt wind-solar power plant with a 415-megawatt-hour battery energy storage system facility in Andhra Pradesh, India, ADB announced. The project will deliver 300 megawatts of round-the-clock peak power and guaranteed baseload energy, strengthen grid reliability, and support India’s clean energy transition. The financing package includes a ₹25.78 billion local currency loan (equivalent to $291 million) from ADB’s ordinary capital resources and up to $40 million from ADB-administered Leading Asia’s Private Infrastructure Fund 2.
The total debt financing for the project is expected to reach $477 million, and ADB is the mandated lead arranger. The signing ceremony was presided over by ADB Vice-President for Market Solutions Bhargav Dasgupta and ReNew’s Founder, Chairman, and CEO Sumant Sinha. “This is the first round-the-clock peak renewable energy project to be financed by ADB,” said Dasgupta. “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.”
“India is entering a new phase in clean energy transition, defined not only by scale, but by reliability and flexibility,” said Sinha. “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.”
As the world’s third-largest producer of electricity and greenhouse gas emissions, India is rapidly expanding its renewable energy portfolio and strengthening its transmission grid to meet growing demand while improving grid stability.
By integrating wind, solar, and battery storage, this project sets a benchmark for firm, dispatchable renewable energy infrastructure, delivering guaranteed baseload power and reliable peak supply. ReNew is one of the largest private producers of renewable energy in India, with 11.2 gigawatts of operational capacity across multiple states and 7.3 gigawatts of capacity committed or under construction. It has more than 14 years of experience developing, commissioning, and operating projects in the country.
Leading Asia’s Private Infrastructure Fund 2 is an ADB-managed fund with a $1.5 billion commitment from the Japan International Cooperation Agency. Established in 2023, it focuses on sustainable private sector infrastructure projects that reduce carbon emissions, improve energy efficiency, and provide affordable health care, education, and communication services to ADB’s developing member countries. The project represents a collaboration that reinforces both institutions’ commitment to building a resilient, low-carbon energy system for India.
