ReNew Energy secures US $331 million from ADB as part of a US $477 million funding package to develop a groundbreaking clean energy project in Andhra Pradesh, enhancing India's renewable energy capacity and grid reliability.

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ReNew Energy Global Plc (NASDAQ: RNW) is India’s leading renewable energy company and a prominent decarbonization partner focused on transforming the energy landscape in the country. Recently, they secured a debt financing package of US $331 million from the Asian Development Bank (ADB) as part of a larger US $477 million financing initiative. This funding is aimed at advancing a significant clean energy project in Andhra Pradesh, which integrates 837 MWp of wind and solar energy generation with a 415 megawatt-hour (MWh) battery energy storage system (BESS). This hybrid project is designed to deliver 300 MW of peak power, enhancing grid reliability and supporting India's transition to a low-carbon future.

The US $331 million financial support from ADB consists of up to US $291 million in local currency financing from ADB's ordinary capital resources, along with up to US $40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). The remainder of the financing for this transformative project will be secured through other lending avenues arranged by ADB.

Industry Overview in India

The renewable energy sector in India is witnessing robust growth, driven by the government's commitment to transitioning towards a sustainable energy model. Under the guidance of Prime Minister Modi, India is poised to enter a new phase of clean energy that em