Nasdaq-listed ReNew has secured a significant $331 million financing deal with the Asian Development Bank (ADB) for the development of a large-scale renewable energy project in Andhra Pradesh, India. This financing package demonstrates a strong commitment to expanding India's clean energy infrastructure.

The planned project is designed to integrate 837 MWp of wind and solar capacity with a substantial 415 megawatt-hour (MWh) battery energy storage system (BESS). This hybrid system will be capable of delivering 300 MW of peak power, addressing crucial energy demand fluctuations. In addition to the $331 million provided directly by ADB, the multilateral agency will also facilitate an additional $146 million through other lenders.

The $331 million debt from ADB is structured with up to $291 million in local currency financing drawn from ADB’s ordinary capital resources and up to $40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). Sumant Sinha, founder, chairman, and chief executive officer of ReNew, highlighted the project's significance, stating it "demonstrates that renewable energy can now be delivered competitively at grid scale as per peak power demand requirements."

Bhargav Dasgupta, vice-president for market solutions at ADB, emphasized the groundbreaking nature of this initiative, noting it is the first peak power renewable energy project to be financed by the Manila-headquartered agency. He added that the combination of battery energy storage with wind-solar hybrid systems represents a "game-changer," capable of unlocking dependable clean power, stabilizing the grid, and advancing the country’s renewable energy sector. The project is projected to generate approximately 1,641 GWh of clean energy annually.

This financing deal follows ReNew's earlier commitment in April of the same year to invest $2.5 billion in developing a 2.8 GW hybrid renewable energy complex, also in Andhra Pradesh. In a related financial activity in May, ReNew successfully raised $100 million for its solar module and cell manufacturing subsidiary from British International Investments (BII).

Alongside these developments, ReNew has been actively pursuing a capital recycling strategy, including the sale of various assets. Last month, the company agreed to sell 300 MW of solar projects to Singapore’s Sembcorp Industries Ltd in a deal valued at around $100 million in equity and $190 million in enterprise value. In June, definitive agreements were signed for the sale of its solar and transmission assets to IndiGrid Infrastructure Trust.

Furthermore, the company recently gave an in-principle agreement to an $8.15-per-share cash buyout offer from a consortium of key shareholders, signaling a proposed delisting from Nasdaq. This consortium, comprising the Canada Pension Plan Investment Board (CPPIB), the Abu Dhabi Investment Authority (ADIA), founder Sumant Sinha, and new investor Masdar, had initially proposed to buy out the listed shares to take the company private in December of the previous year.

As of August 13, 2025, ReNew's gross clean energy portfolio stood at 18.2 GW, complemented by 1.1 GW of battery energy storage systems. The company also boasts significant manufacturing capabilities, with 6.4 GW of solar module and 2.5 GW of solar cell manufacturing capacity.