New Delhi: Tata Power and the Asian Development Bank (ADB) have signed an MoU coinciding with the ongoing Climate Conference (COP29) at Baku, Azerbaijan, to evaluate financing for its several clean energy power projects.
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 US $4.25 billion.
The signatories will also work to build resilience, promote inclusiveness, and specifically focus on integrating gender and climate actions to empower women.
This partnership between Tata Power and ADB 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, energy-secure future.
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