India: ReNew Peak Power Project

approved

The Project involves providing senior debt project finance facility to ReNew Vyoman Private Limited (Borrower) for the design, construction, commissioning, operation and maintenance of an interstate transmission system (ISTS)-connected wind-solar hybrid peak power supply and round the clock (RTC) renewable energy plant with a contracted 300 MW capacity in the state of Andhra Pradesh, India. The Project will provide assured power supply of 300 MW per hour during the peak hours and a minimum base load supply during non-peak hours. The Project will consist of 250 MW wind capacity, 435 MW AC solar power capacity and 173 MW / 415 MWh battery energy storage system (BESS) (together, the Project). Borrower is ReNew Vyoman Private Limited, the Project Special Purpose Vehicle (SPV). The Sponsor of the Project is ReNew Private Limited, which is the second largest Independent Power Producer (IPP) in India, with a total portfolio of 18.2 GW renewable energy (RE) capacity, out of which 11.1 GW is operational capacity as of August 2025. Offtake of the Project is underpinned by a 25-year Power Purchase Agreement (PPA) signed with Solar Energy Corporation India (SECI) at a fixed tariff of INR4.69 per kWh (USD0.054 per kWh) for the PPA tenor.