Tata Power has entered into a $4.25 billion Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) to explore financing options for renewable energy and power infrastructure projects in India. The agreement was formalized during the COP29 climate conference in Baku, Azerbaijan.
The proposed projects include a 966 MW solar-wind hybrid facility, pumped hydro storage, advanced battery storage systems, and enhancements to Tata Power’s power distribution networks. These initiatives align with India’s renewable energy target of achieving 500 GW capacity by 2030.
The MoU also emphasizes incorporating gender and climate actions, such as green technology initiatives and creating employment opportunities in the renewable energy sector.
Praveer Sinha, CEO and MD of Tata Power, noted that the collaboration aims to explore innovative financing mechanisms to advance the power sector’s energy transition efforts. Suzanne Gaboury, Director General for Private Sector Operations at ADB, highlighted the partnership’s alignment with efforts to support India’s transition to a low-carbon energy system.
This agreement represents a step toward modernizing India’s energy infrastructure, reducing greenhouse gas emissions, and enhancing energy security. The projects under the MoU are expected to support India’s broader energy transition and decarbonization objectives.