Tata Power inks pact with ADB for $4.25 Billion clean energy

22 Nov 2024 , 12:18 PM

Tata Power and the Asian Development Bank (ADB) signed a Memorandum of Understanding (MoU) at COP29 in Baku, Azerbaijan, to discuss funding possibilities for critical energy infrastructure projects in India.

The agreement focuses on projects like the 966 MW Solar Wind Hybrid and Pumped Hydro Storage projects, as well as initiatives in energy transition, decarbonisation, and battery storage.

It also provides funding for Tata Power’s capital expenditures to expand its distribution networks. These initiatives are anticipated to cost around $4.25 Billion.

Praveer Sinha, CEO and MD of Tata Power, stated that the relationship with ADB is critical in exploring creative finance for reforming India’s power sector and developing clean and renewable energy projects.

The MoU also intends to combine gender and climate measures, strengthening women as economic agents in the deployment of green technologies and the access to green jobs. ADB Director General Suzanne Gaboury stated that the ADB’s collaboration with Tata Power illustrates a common goal for a sustainable, low-carbon future.

Tata Power Company Ltd primarily generates, transmits, and distributes power. It aspires to generate electricity entirely from renewable sources. It also makes solar roofing and wants to create one Lakh electric charging stations by 2025. The corporation is India’s biggest vertically integrated power company.

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