The Asian Development Bank has committed $331 million to ReNew Vyoman Power for an innovative 837 MW wind-solar power plant with battery storage in India, enhancing energy reliability and supporting the country's clean energy transition.

Information on the Target

The Asian Development Bank (ADB) has recently finalized a financing agreement of $331 million with ReNew Vyoman Power Private Limited. This funding supports the development of an innovative wind-solar power plant boasting an 837-megawatt capacity, complemented by a 415-megawatt-hour battery energy storage system (BESS) in Andhra Pradesh, India. The project aims to deliver a dependable supply of 300 megawatts of peak power and guaranteed baseload energy, which is crucial for enhancing grid reliability and propelling India towards a clean energy transition.

The financing package is composed of a local currency loan of ₹25.78 billion (approximately $291 million) from ADB’s ordinary capital resources, alongside an allocation of up to $40 million from ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). The total debt financing for this pivotal project is projected to reach $477 million, with ADB serving as the mandated lead arranger.

Industry Overview in India

As the world's third-largest producer of electricity, India faces the dual challenge of satisfying its rapidly growing demand while addressing significant greenhouse gas emissions. The nation is making considerable strides in expan