Decarbonization solutions company ReNew Energy Global (ReNew) has secured $331 million in debt funding from the Asian Development Bank (ADB) to support the development of a large-scale clean energy project in Andhra Pradesh.

ReNew said the Andhra Pradesh clean energy project integrates 837 MW of wind and solar capacity with a 415 MWh battery energy storage system (BESS). It aims to deliver 300 MW of peak power as well as a dependable baseload supply.

The funding is part of ADB’s $477 million financial package to support renewable energy projects in the state. ADB will arrange the remaining $146 million through other lenders.

The $331 million debt from ADB includes up to $291 million in local currency financing from the bank’s ordinary capital resources. It also includes up to $40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2.

ReNew has a clean energy portfolio of 18.2 GW, plus 1.1 GW of BESS, as of August 13, 2025. Additionally, it has a solar module and cell manufacturing capacity of 6.4 GW and 2.5 GW, respectively. The company is expanding its solar cell manufacturing capacity to 4 GW.

Bhargav Dasgupta, Vice-President for Market Solutions at ADB, said, “This is the first round-the-clock peak renewable energy project to be financed by ADB. 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.”

In May this year, ReNew announced it would invest approximately ₹220 billion (~$2.5 billion) to set up a hybrid renewable energy project in the Anantapur district of Andhra Pradesh. The project would have a capacity of roughly 2.8 GW, including 1.8 GW of solar and 1 GW of wind capacity. It will also include a BESS with a capacity of 1.8 GW.

In October, ReNew received a best and final non-binding proposal from the consortium led by Abu Dhabi Future Energy, Canada Pension Plan Investment Board, Platinum Hawk, and Sumant Sinha, Founder-CEO at ReNew, to acquire the company’s entire issued and to-be issued share capital for a cash consideration of $8.15 per share.