November 21, 2024, India - Tata Power has entered a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) to secure financing for significant clean energy initiatives. This agreement was signed during the COP29 conference in Baku, Azerbaijan.
The partnership will fund projects including a 966 MW Solar Wind Hybrid project and a Pumped Hydro Storage Project, with a total estimated cost of $4.25 billion. This collaboration aims to enhance India's renewable energy capacity and modernize power infrastructure.
Dr. Praveer Sinha, CEO of Tata Power, stated that this initiative supports India's renewable energy goals and promotes inclusive growth. ADB's Director General for Private Sector Operations, Suzanne Gaboury, noted the shared vision for a sustainable, low-carbon future that enhances energy security in the region.
This agreement aligns with India's target of achieving 500 GW of renewable energy capacity by 2030, reducing dependence on fossil fuels and advancing the transition to a cleaner energy sector.