Tata Power Secures $4.25 Bn in Financing From Asian Development Bank (ADB) for Key Clean Energy Projects

Tata Power has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) to secure $4.25 billion in financing for key clean energy projects. 

This agreement was signed at the COP29 climate conference in Baku, Azerbaijan.

This MoU aligns with India's ambitious target to achieve 500 GW of non-fossil power generation capacity by 2030.

Dr. Praveer Sinha, CEO & MD, Tata Power said, “Our collaboration with the Asian Development Bank is a crucial step as we explore innovative financing solutions to drive transformative power sector projects. 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.”

ADB Director General for Private Sector Operations Suzanne Gaboury said, “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, supporting India’s transition toward sustainable energy solutions.”

Key Projects

966 MW Solar-Wind Hybrid:

• Project: This project aims to combine solar and wind energy to provide a stable and sustainable power source.
• Pumped Hydro Storage Projects: These projects will help store energy for later use, enhancing the reliability of renewable energy sources.

Battery Storage Solutions:

Investing in advanced battery storage to support the integration of renewable energy into the grid.

Distribution Network Upgrades:

Financing capital expenditure to strengthen Tata Power's distribution networks.

Goals:

• Energy Security: Enhancing India's energy security by increasing the share of renewable energy in the power mix.
• Environmental Resilience: Supporting India's transition to a low-carbon, climate-resilient future.
• Inclusivity: Integrating gender and climate actions to empower women as economic agents in deploying green technologies and accessing green jobs.

This partnership aligns with India's ambitious target to achieve 500 GW of non-fossil power generation capacity by 2030. 

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