To evaluate financing for its several strategic projects aimed at enhancing India’s power infrastructure and promoting renewable and clean energy, Tata Power, an integrated power company, has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) for USD 4.25 Billion.
The MoU outlines the evaluation of financing for several key ongoing projects such as the 966 MW solar wind hybrid project and pumped hydro storage project and other projects in the pipeline around energy transition, decarbonisation, and battery storage as well as ongoing financing for capex towards strengthening the distribution networks managed by Tata Power.
“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,” stated Praveer Sinha, Chief Executive Officer (CEO) and Managing Director, Tata Power.
The signatories will also work to build resilience, promote inclusiveness, and specifically focus on integrating gender and climate actions to empower women as economic and transformative agents in deploying green technologies and accessing green jobs.
“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,” stated Suzanne Gaboury, ADB Director General for Private Sector Operations.
Through this collaboration, Tata Power and ADB are set to pave the way for sustainable progress, enhancing energy access, resilience, and the country's environmental footprint. The projects under evaluation, such as the large-scale solar-wind hybrid systems and advanced hydro storage solutions, signify an investment in the future of India’s clean energy infrastructure.
Commenting on the MoU signing, Viswajit Srinivasan, a senior banker of Indian origin based out of the UK, stated, “The MoU signed between the Tata Group and ADB with the backdrop of COP29 represents yet another example of confidence being reposed in investing in the Indian renewables sector…The range of investments targeted includes more mature segments such as solar and wind projects as well as battery storage projects; with additional support for the upgradation of distribution networks of Tata Power, this MoU would likely help build new renewable infrastructure, modernise existing infrastructure and help India inch closer towards meeting sustainability and net zero.”
