At the current climate conference (COP29) in Baku, Azerbaijan, Tata Power said Thursday that it has signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) to assess funding for its various projects. Almost $4.25 billion is the anticipated overall cost of the project.
The MoU describes funding assessment for several significant ongoing projects, including the 966 MW solar-wind hybrid project, the pumped hydro storage project, and other projects about energy transition, decarbonization, and battery storage. The statement also details continuous funding for capital expenditures to bolster the distribution networks under Tata Power’s management.
“The Memorandum of Understanding with the Asian Development Bank reaffirms our commitment to expanding India’s clean and renewable energy capacity and modernizing our power infrastructure, ensuring sustainable and inclusive growth,” stated Dr. Praveer Sinha, CEO and MD of Tata Power. These programs support environmental resilience and energy security while aligning with India’s aggressive clean energy targets.
“Our partnership with Tata Power reflects a shared vision for a low-carbon, inclusive, and climate-resilient future, supporting India’s transition toward sustainable energy solutions,” stated Suzanne Gaboury, director-general for private sector operations at the Asian Development Bank.
