Tata Power and ADB partner to evaluate $4.25 billion clean energy projects
Tata Power has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) during COP29 in Baku, Azerbaijan.
The partnership will evaluate financing for strategic projects aimed at enhancing India’s power infrastructure and promoting renewable energy.
The MoU includes projects such as a 966 MW solar-wind hybrid system, pumped hydro storage, energy transition initiatives, decarbonization, and battery storage, alongside ongoing investments to modernize Tata Power’s distribution networks.
The estimated cost of these projects is $4.25 billion.
Dr. Praveer Sinha, CEO & MD of Tata Power, emphasized the importance of this collaboration in advancing India’s clean energy goals and modernizing power infrastructure for sustainable growth. ADB’s Director General for Private Sector Operations, Suzanne Gaboury, highlighted the shared vision for a low-carbon, inclusive, and climate-resilient future.
The partnership also focuses on integrating gender and climate actions, empowering women in deploying green technologies and accessing green jobs.
Photo Credit: Tata Power