India-based energy company Tata Power has signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) to explore $4.25bn in financing for a series of clean energy power projects.
The agreement, signed during the ongoing Climate Conference (COP29) in Baku, Azerbaijan, is aimed at bolstering India’s power infrastructure while advancing renewable energy.
The collaboration will focus on funding major ongoing initiatives such as Tata Power’s 966MW solar-wind hybrid project and a pumped hydro storage system.
It will also explore investments in other projects in the pipeline planned around battery storage, energy transition, and decarbonisation.
Additionally, the MoU will support capital expenditure (capex) aimed at enhancing Tata Power’s distribution networks.
Both parties have committed to focus on integrating gender and climate action to build resilience and promote inclusiveness. This is also expected in creating green job opportunities for women, positioning them as transformative agents in deploying green technologies.
ADB private sector operations director general Suzanne Gaboury said: “ADB is committed to fostering partnerships that promote sustainability and energy security across Asia and the Pacific.
“As part of this strategy, our engagement with Tata Power reflects a shared vision for a low-carbon, inclusive, and climate-resilient future, supporting India’s transition toward sustainable energy solutions.”
The MoU between Tata Power and ADB comes at a crucial time as India strives to meet its ambitious target of 500GW of renewable energy capacity by the end of this decade.
Projects under assessment, including large-scale solar-wind hybrid systems and advanced hydro storage solutions, are anticipated to reduce dependency on fossil fuels while ensuring long-term energy security.
Tata Power CEO and managing director Praveer Sinha said: “This MoU reinforces our commitment to advancing India’s clean and renewable energy capacity and modernising our power infrastructure, ensuring sustainable and inclusive growth.
“These initiatives align with India’s ambitious clean energy goals, contributing to energy security and environmental resilience.”
Earlier this week, Tata Power announced a partnership with Bhutan’s generation utility Druk Holding and Investments’ subsidiary, Druk Green Power (DGPC), to develop at least 5GW of clean energy capacity in Bhutan.
