Tata Power announced on Friday, 22 November, that it had signed a $4.25 billion memorandum of understanding (MoU) with the Asian Development Bank (ADB) to finance important clean energy power projects. 

In its regulatory filing, the company said, “Tata Power, one of India’s leading integrated power companies, and the Asian Development Bank (ADB) have signed a Memorandum of Understanding (MoU) coinciding with the ongoing Climate Conference (COP29) at Baku, Azerbaijan, to evaluate financing for its several strategic projects aimed at enhancing India’s power infrastructure and promoting renewable and clean energy.”

Tata Power said that it had inked a Memorandum of Understanding to investigate funding alternatives for important current and future projects, such as the 966 megawatt (MW) Solar-Wind Hybrid Project, a Pumped Hydro Storage Project, and other projects centred on energy transition, decarbonisation, and battery storage. 

The Memorandum of Understanding also seeks to make it easier to finance capital projects that will improve the distribution networks that Tata Power oversees.

Dr Praveer Sinha, CEO & managing director of 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 modernising 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.”

As India moves closer to its ambitious renewable energy target of 500 gigawatts (GW) by 2030, the partnership represents a significant milestone.

According to Tata Power, the projects being considered include vast solar-wind hybrid systems and cutting-edge hydro storage technologies that represent significant investments in India’s renewable energy infrastructure. The company stated that it is dedicated to increasing the country’s capacity for renewable energy, decreasing dependence on fossil fuels, and clearing the path for a future that is both sustainable and energy-secure.

With 15.2GW of varied assets, Tata Power Firm Limited is a prominent integrated power firm and a member of the Tata Group, India’s biggest multinational commercial conglomerate. 

The portfolio covers every step of the power value chain, including the production of solar cells and modules, transmission, distribution, trading, storage solutions, and conventional and renewable energy generation.

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