We consider a resource-constrained project scheduling problem with respect to the makespan minimization criterion. The problem accounts for technological constraints of activities precedence together with resource constraints. Activities preemptions are not allowed. The problem with renewable resources is NP-hard in the strong sense. We propose an exact branch and bound algorithm for solving the problem with renewable resources. It uses our new branching scheme based on the representation of a schedule in form of the activity list. We use two approaches of constructing the lower bound. We present results of numerical experiments, illustrating the quality of the proposed lower bounds. The test instances are taken from the library of test instances PSPLIB.