ReNew Energy Global Plc announced has obtained $ 331 million funding from the Asian Development Bank (ADB) for a major renewable energy initiative in Andhra Pradesh.

This forms a section of a $ 477 million financial arrangement obtained to aid the advancement of a sizable clean energy initiative in Andhra Pradesh, while the remaining $ 146 million will be coordinated by ADB via additional lenders, according to reports.

ReNew Energy Global Plc, the top renewable energy firm in India and a favored partner for decarbonization, announced on Friday that it has obtained $ 331 million from the Asian Development Bank (ADB), according to reports.

The initiative combines 837 MWp of solar and wind power with a battery energy storage system (BESS) of 415 megawatt-hours (MWh).

Aiming to provide 300 MW of peak power alongside a stable baseload supply, the initiative will greatly improve grid reliability and speed up India's shift to a low-carbon energy future.

The debt of $ 331 million from ADB includes as much as $ 291 million in local currency finances from ADB's ordinary capital resources and up to USD 40 million from the ADB-managed Leading Asia's Private Infrastructure Fund 2 (LEAP 2), with ADB handling the rest.

The financing agreements were signed under the leadership of Bhargav Dasgupta, ADB's Vice President for Market Solutions, and Sumant Sinha, Founder, Chairman, and CEO of ReNew.

"This initiative shows that renewable energy can currently be supplied competitively at the grid level according to peak power demand needs," stated Sumant Sinha, Founder, Chairman, and CEO of ReNew.

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It further expands on the strategic partnership detailed in a Memorandum of Understanding established at UNFCCC COP28 to expedite the deployment of clean energy and transformation of the grid.

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"This marks the initial peak power renewable energy initiative financed by ADB and is anticipated to produce approximately 1,641 gigawatt-hours of clean energy annually," stated Bhargav Dasgupta, ADB's Vice-President for Market Solutions.

In early April, ReNew revealed a $ 2.5 billion investment to create a 2.8 GW hybrid renewable energy facility in Andhra Pradesh, among the largest in India at a single site.

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Through the combination of wind, solar, and battery storage, the initiative creates a model for stable, dispatchable clean energy, providing dependable power during times of high demand and aiding India's low-carbon development.