ReNew Power secures $1b loan for hybrid battery-enabled project

This is the largest ECB project loan in India’s renewable sector.

ReNew Power bagged a $1b loan following its partnership with 12 international lenders led by Rabobank, for its hybrid Round-the-Clock (RTC) battery-enabled project.

In a statement, ReNew said this is the largest External Commercial Borrowings project finance loan in India’s renewable energy sector.

It has signed a power purchase agreement with the Solar Energy Corporation of India for the project to build wind and solar farms in the states of Karnataka, Rajasthan, and Maharashtra.

The project will compete against the supply of fossil-fuel-based energy providers like coal, it said.

“This loan—the single-largest project finance in India’s renewable sector—highlights the interest of global lenders in ReNew as it helps spearhead India’s historic clean energy shift and shows its continued ability to access financing at much lower rates than several years ago, despite the current volatility in the currency markets and a rising interest rate environment,” ReNew CEO and President Sumant Sinha said.

ReNew partnered with Mitsui & Co., which holds a 49% stake in the project.