Indian independent power producer (IPP) ReNew Power has secured US$331 million from the Asian Development Bank (ADB) for a hybrid solar plant in the southern state of Andhra Pradesh.
According to the firm, the funding is part of a US$477 million financial package. This includes up to US$291 million in local currency financing from ADB’s ordinary capital resources and US$40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). The remaining US$146 million will be mobilised through other lenders arranged by ADB.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The project combines 837MWp of wind and solar with a 415MWh battery energy storage system (BESS), delivering 300MW of peak power and stable baseload supply.
Bhargav Dasgupta, vice-president for market solutions, 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.”
The plant was announced in April 2025, with ReNew committing US$2.5 billion to develop a 2.8GW hybrid renewable energy complex in Andhra Pradesh. The project aligns with Make in India, featuring domestically manufactured solar panels, advanced trackers, and waterless robotic cleaning systems.
Gurugram-based ReNew operates a clean energy portfolio of 18.2GW plus 1.1GW of BESS. The company also runs 6.4GW of solar module and 2.5GW of solar cell manufacturing capacity, with plans to expand cell capacity by an additional 4GW.
