Nasdaq-listed ReNew has tied up USD 69m of debt from New Development Bank and Germany’s DEG, two sources familiar told Infralogic.

This is part of a financing of about USD 500m for a renewable energy project in India’s Andhra Pradesh state for which the power producer announced a USD 331m debt deal with Asian Development Bank last week.

The proposed plant will integrate 837 MWp of wind and solar with a 415 MWh battery energy storage system, delivering 300 MW peak power.

ReNew said last week that ReNew ADB will arrange another USD 146m through other lenders, without identifying them.

The ADB debt includes USD 291m of INR debt and USD 40m from its Leading Asia’s Private Infrastructure Fund 2, it said.

The Asian Infrastructure Investment Bank is providing USD 100m, according to a project summary sheet on its website.

In May, ReNew announced a USD 2.5bn investment to develop a 2.8 GW hybrid renewable energy complex in Andhra Pradesh, one of India’s largest at a single location.

The project will feature solar panels manufactured in India, advanced tracking systems, and waterless robotic cleaning to maximise output and conserve resources.

ReNew, NDB and DEG did not respond to requests for comment.