Tata Power and the Asian Development Bank (ADB) signed a Memorandum of Understanding (MoU) on Thursday to explore financing opportunities for several strategic projects. These initiatives aim to enhance India's power infrastructure while promoting renewable and clean energy solutions.
The MoU highlights the evaluation of financing for significant ongoing projects, including a 966 MW solar-wind hybrid project and a pumped hydro storage project. Additionally, it encompasses other projects focusing on energy transition, decarbonization, battery storage, and ongoing capital expenditure to strengthen the distribution networks managed by Tata Power. The estimated total cost of these projects is approximately $4.25 billion.
Commenting on the partnership, Praveer Sinha, CEO & MD of Tata Power, said:
"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 emphasized the pivotal nature of this collaboration as India moves closer to achieving its 500 GW renewable energy target by 2030. The projects under consideration, such as large-scale solar-wind hybrid systems and advanced hydro storage solutions, represent a forward-looking investment in India's clean energy infrastructure. Through these efforts, Tata Power aims to expand the nation's renewable energy capacity, reduce reliance on fossil fuels, and contribute to a sustainable, energy-secure future.
