Tata Power, a leading Indian power company, has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) to explore funding for key renewable energy and infrastructure projects, coinciding with the COP29 Climate Conference in Baku, Azerbaijan. The collaboration focuses on financing projects such as Tata Power’s 966 MW Solar-Wind Hybrid initiative, Pumped Hydro Storage solutions, and other ventures in energy transition, decarbonization, and battery storage. Additionally, the MoU covers ongoing investments in enhancing Tata Power’s distribution networks. The estimated total cost for these initiatives is approximately $4.25 billion.
Dr Praveer Sinha, CEO & MD of Tata Power, stated, “This partnership with ADB is pivotal in finding innovative financing solutions for transformative energy projects. It underscores our dedication to expanding India’s renewable energy capacity and modernizing infrastructure, fostering sustainable and inclusive growth in line with the country’s clean energy goals.”
ADB’s Director General for Private Sector Operations, Suzanne Gaboury, highlighted, “Our partnership with Tata Power aligns with ADB’s vision for a low-carbon, climate-resilient future, supporting India’s transition to sustainable energy and fostering energy security in the region.”
Beyond advancing renewable energy, the collaboration emphasizes resilience, inclusivity, and gender empowerment, aiming to create opportunities for women in green technology and jobs. This partnership is a significant step toward India’s target of 500 GW renewable energy capacity by 2030. By advancing solar-wind hybrid systems and innovative hydro storage technologies, the company aims to reduce reliance on fossil fuels and bolster the nation’s clean energy infrastructure.
Tata Power Company Limited, part of the Tata Group, manages a diverse portfolio of 15.2 GW across the energy value chain, including renewable and conventional generation, transmission, distribution, trading, storage, and solar manufacturing. With 6.4 GW of clean energy, Tata Power is committed to achieving carbon neutrality before 2045 while serving over 12.5 million customers nationwide.
