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ADB, acting as mandated lead arranger, extended a USD 291 million local-currency loan (INR 25.78 billion) from its ordinary capital resources plus up to USD 40 million from the ADB-administered Leading Asia's Private Infrastructure Fund 2 (LEAP 2) to ReNew Vyoman Power Private Limited, a project subsidiary of Gurugram-based ReNew (formerly ReNew Power). A further USD 146 million was arranged from other lenders, bringing the total debt package to USD 477 million. The financing backs an 837 MWp solar-wind hybrid generation plant in Andhra Pradesh paired with a 415 MWh BESS, designed to deliver 300 MW of firm, round-the-clock peak power to the grid — which ADB Vice-President Bhargav Dasgupta characterized as the first such 24/7 renewable project the bank has financed.
This follows the same template as the Nov-Dec 2025 multilateral development-bank direct-financing wave already logged in this register (NIB-Hafslund, AfDB-SAPZ, ADB-Luli Wood, EIB-Kronospan/Sunprime): a development bank extending below-market capital directly to a named commercial producer that competes internationally, which GTA flags as a "state loan"/subsidy-adjacent harmful intervention regardless of the climate/green framing. Severity is set at 2, in line with the comparable USD 50-100 million single-project loans in this cluster (Luli Wood, NIB Hafslund) — the disclosed ADB tranche (USD 331 million) is larger than those but well below the USD 1 billion DOE-Constellation loan rated 3 in this register — reflecting a single-project financing rather than a market-wide policy shift.
cluster to Indian grid-scale renewables-plus-storage, reinforcing BESS integration as ADB's preferred template for firming intermittent solar/wind generation in South Asia.
unsubsidized domestic competitors bidding into India's round-the-clock renewable energy tenders.
cost of capital was not disclosed.
(Make in India) or imported was not specified in primary coverage — relevant to whether this also touches battery-materials supply chains.