India’s ReNew Energy secured a $1bn loan to build 1.3GW of wind, solar and battery capacity that can provide round-the-clock (RTC) power competing with fossil generation.

The loan is said to be the largest of its type so far in the Indian renewables sector and will help Goldman Sachs-backed ReNew Energy build projects across Karnataka, Rajasthan, and Maharashtra states.

The developer said the capacity will “supply power day and night and compete against the baseload of fossil-fuel energy providers, such as coal”.