Indian hybrid renewables project secures $1bn loan

Loan provided by 12 international lenders is largest to a single renewables project in India, developer Renew Power says

Renew Power, India’s leading pureplay renewables company, has secured $1bn of project finance for a hybrid 1.3GW solar, wind and battery storage project spanning three states, the largest single-project-funding to date in the country’s renewables sector. The $1.35bn project, in which Japan’s Mitsui holds a 49pc stake, is the first of its type in India and is scheduled to start up in August 2023. It will have 300MW of wind power, with the rest of the capacity deployed as solar plus battery storage. The capacity will be spread across the Indian states of Karnataka, Rajasthan and Maharashtra. Renew says the project will provide India’s lowest-cost consistent renewable power. 1.3GW – Total