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ReNew and Asian Development Bank Announce US$331 million Deal for a Large-Scale Renewable Energy Project in Andhra Pradesh
Part of a US$477 million deal secured, ReNew will receive US$331 million from ADB, and the balance US$146 million will be arranged by ADB through other
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[{"type":"text","content":"\n\nPart of a US$477 million deal secured, ReNew will receive US$331 million from ADB, and the balance US$146 million will be arranged by ADB through other lenders\n\n\nProject expected to generate 1,641 GWh of clean energy annually, boosting grid stability and accelerating India’s energy transition\n\n\n GURUGRAM, India--(BUSINESS WIRE)--\nReNew Energy Global Plc (NASDAQ: RNW), India’s leading renewable energy company and a preferred decarbonisation partner, today announced that it has secured US$331 million from the Asian Development Bank (ADB). This is a part of a US$477 million financial package secured that will support the development of a large-scale clean energy project in Andhra Pradesh. The balance US$146 million will be arranged by ADB through other lenders. The project integrates 837 MWp of wind and solar capacity with a 415 megawatt-hour (MWh) battery energy storage system (BESS). Designed to deliver 300 MW of peak power along with dependable baseload supply, the project will significantly enhance grid reliability and accelerate India’s transition to a low-carbon energy future.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251107903922/en/Left to right: Mr. Bhargav Dasgupta, Vice-President for Market Solutions at ADB, and Mr. Sumant Sinha, Founder, Chairman and CEO of ReNew, exchanging MOU for a US$331 million deal\nThe US$331 million debt from ADB comprises up to US$291 million in local currency financing from ADB’s ordinary capital resources and up to US$40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2), with ADB arranging the remainder.\n\nThe signing of financing agreements was presided by Bhargav Dasgupta, Vice-President for Market Solutions at ADB, and Sumant Sinha, Founder, Chairman and CEO of ReNew.\n\nSumant Sinha, Founder, Chairman and CEO of ReNew, said, “India is entering a new phase of the clean energy transition under Prime Minister Modi’s leadership. This phase is defined not only by scale, but by reliability and flexibility. This project demonstrates that renewable energy can now be delivered competitively at grid scale as per peak power demand requirements. Our long-standing collaboration with ADB has enabled us to continually push the boundaries of what is possible in clean energy infrastructure...