The Asian Development Bank ( ADB ) has signed a US$331 million financing package with ReNew Vyoman Power for a wind and solar plant with battery storage in India’s Andhra Pradesh.

The package includes a loan of 25.78 billion rupees ( US$290.87 million ) from ADB’s ordinary capital resources and up to US$40 million from ADB-administered Leading Asia’s Private Infrastructure Fund 2 ( LEAP 2 ). The total debt financing for the project is expected to reach US$477 million. ADB is the mandated lead arranger.

The 837-megawatt wind and solar power plant, with a 415-megawatt-hour battery energy storage system ( BESS ) facility, will deliver 300MW of round-the-clock peak power and guaranteed baseload energy, strengthen grid reliability, and support India’s clean energy transition.

 “This is the first round-the-clock peak renewable energy project to be financed by ADB,” says ADB vice-president for market solutions Bhargav Dasgupta. “This landmark project reflects ADB’s long-standing partnership with ReNew, which has spanned multiple investments and initiatives over the years.”

ReNew founder and chief executive officer Sumant Sinha adds: “India is entering a new phase in clean energy transition, defined not only by scale, but by reliability and flexibility. 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. This partnership reinforces our shared commitment to building a resilient, low-carbon energy system for India. As we work towards India's climate goals, solutions like this will power both economic growth and a sustainable future.”

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 an established track record of more than 14 years of developing, commissioning, and operating projects in the country.

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 enhancing 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.

LEAP 2 is an ADB-managed fund with a US$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 healthcare, education, and communication services to ADB’s developing member countries.