ReNew bags $331m loan for 837-MW hybrid project

The project integrates 837 megawatts of peak wind and solar capacity.

ReNew Energy Global Plc secured a $331m financing package from the Asian Development Bank (ADB) toward a total $477m financial package for a large-scale clean energy project in Andhra Pradesh.

The project integrates 837 megawatts of peak wind and solar capacity with a 415-megawatt-per-hour battery energy storage system to deliver 300 MW of peak power.

It is expected to generate approximately 1,641 GWh of clean energy annually.

The $331m loan includes up to $291m in local currency financing from ADB’s ordinary capital resources and up to $40m from the ADB-administered LEAP 2 fund.

ADB will arrange the remaining $146m through other lenders.