Tata Power has signed an agreement with the Asian Development Bank for funding arrangement of $4.25 billion to finance clean energy power projects, it said in a statement.
The agreement with the multilateral funding institution details several projects that are being evaluated for financing such as the 966 MW solar wind hybrid project, the pumped hydro storage project and other projects in the pipeline around energy transition, decarbonisation, and battery storage as well as ongoing financing for capex towards strengthening the distribution networks managed by the company.
The financing agreement coincides with the ongoing Climate Conference at Baku, Azerbaijan.
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“Our collaboration with the Asian Development Bank is a crucial step as we explore innovative financing solutions to drive transformative power sector projects,” said Praveer Sinha, CEO & MD of Tata Power. “This MoU reinforces our commitment to advancing India’s clean and renewable energy capacity and modernising 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,” he added.
Through collaboration, Tata Power and ADB will pave the way for sustainable progress, enhancing energy access, resilience, and the country’s environmental footprint as well as 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.
“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,” said ADB’s Director General for Private Sector Operations, Suzanne Gaboury.