Tata Power, ADB Sign MoU to Strengthen India's Energy Infrastructure
India's leading integrated power company, Tata Power, has inked a Memorandum of Understanding(MoU) during the current COP29 Climate Conference currently being held in Baku, Azerbaijan, with the Asian Development Bank(ADB). The MoU is to consider exploring funding options for several strategic projects within India meant to strengthen its energy infrastructure while promoting renewable and clean energy practices.
The pact will specifically cover flagship initiatives such as the 966 MW Solar Wind Hybrid project, the Pumped Hydro Storage Project, and other future initiatives on energy transition, decarbonization, and battery storage. It will also involve ongoing investments for the capital expenditure to re-establish the distribution networks of Tata Power. The estimated investment cost for these projects is around US $4.25 billion.
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”.
The signatories 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.
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”.
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.
This MoU signals a concerted effort to align with global climate action goals while addressing India's unique energy needs. Through this collaboration, Tata Power and ADB are set to head sustainable progress, enhancing energy access, resilience, and the country's environmental footprint.
