New Delhi: Tata Power has signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) for financing clean energy projects worth $4.24 billion in India.
A statement from Tata Power said that the scope of the MoU includes evaluation of financing for several key ongoing projects such as the 966-MW solar-wind hybrid project, pump storage projects and other initiatives around energy transition, decarbonization, and battery storage.
The agreement also encompasses ADB, a Manila-based multilateral development lender, financing for capital expenditure towards strengthening the distribution networks managed by Tata Power.
The total estimated project cost is around $4.25 billion, the statement said.
‘Crucial step’
Praveer Sinha, CEO and managing director, 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.”
Tata Power and ADB will also work to build resilience, promote inclusiveness, and specifically focus on integrating gender and climate actions to empower women as economic and transformative agents in deploying green technologies and accessing green jobs, the company statement said.
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.”
In line with target
The partnership is in line with India’s ambitious target to achieve 500 GW of non-fossil power generation capacity by 2030. Storage projects, including both battery energy storage and pump storage, are key to achieving this target as they would provide stability to the transmission system since both solar and wind power are intermittent.
On Tuesday, Tata Power announced the signing of a strategic partnership with Druk Green Power Corporation Ltd (DGPC) to develop at least 5,000 MW of clean energy generation capacity in Bhutan.
In November last year, Tata Power said it would invest ₹60,000 crore by FY27, with nearly half of the investment going towards the renewable energy space.
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