Asian Development Bank to provide $4.25 billion to Tata Power for clean energy power projects
Tata Power, and Asian Development Bank (ADB) on Thursday signed a Memorandum of Understanding (MoU) to evaluate financing for its several strategic projects aimed at enhancing India’s power infrastructure and promoting renewable and clean energy.
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, decarbonization, and battery storage as well as ongoing financing for capex towards strengthening the distribution networks managed by Tata Power.
The total estimated project cost is approximately $4.25 billion.
«This MoU reinforces our commitment to advancing India's clean and renewable energy capacity and modernizing 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,» said Praveer Sinha, CEO & MD, of Tata Power.
The company said this partnership is pivotal as India accelerates its journey toward achieving its renewable energy target of 500 GW by 2030. 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. Through initiatives like these, Tata Power aims to strengthen the nation’s capacity for renewable energy, reduce dependency on fossil fuels, and foster a sustainable,
