New Delhi: Tata Power and the Asian Development Bank (ADB) have signed a Memorandum of Understanding (MoU) at the ongoing COP29 climate conference in Baku, Azerbaijan, to evaluate financing for projects worth $4.25 billion. The projects aim to enhance India’s renewable energy infrastructure, power distribution networks, and clean energy capacity.
The MoU covers key projects such as a 966 MW solar-wind hybrid project, pumped hydro storage projects, battery storage solutions, and capital expenditure for strengthening Tata Power’s distribution networks. The projects are aligned with India’s goal of achieving 500 GW of renewable energy capacity by 2030.
“Our collaboration with ADB is a crucial step as we explore innovative financing solutions to drive transformative power sector projects,” Tata Power CEO and MD Dr. Praveer Sinha said. “These initiatives contribute to India’s clean energy goals, energy security, and environmental resilience.”
ADB Director General for Private Sector Operations Suzanne Gaboury said, “This partnership reflects a shared vision for a low-carbon and climate-resilient future, supporting India’s transition to sustainable energy solutions.”
Focus on inclusivity and climate resilience
The partnership also emphasizes inclusivity, with a focus on integrating gender and climate actions to empower women through green technology deployment and access to green jobs.
Tata Power’s initiatives under the MoU aim to reduce dependency on fossil fuels, expand clean energy capacity, and modernize India’s power infrastructure. The collaboration supports India’s ongoing energy transition and decarbonization efforts.
