Tata Power has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) to secure financing for key clean energy projects in India. The agreement, signed during the ongoing COP29 conference in Baku, Azerbaijan, will help fund strategic initiatives such as the 966 MW Solar Wind Hybrid project, Pumped Hydro Storage Project, and other energy transition and decarbonization projects. The total estimated project cost is $4.25 billion.
Dr. Praveer Sinha, CEO & Managing Director of Tata Power, highlighted that this collaboration would advance India’s renewable energy goals, modernize power infrastructure, and support inclusive growth. ADB’s Director General for Private Sector Operations, Suzanne Gaboury, emphasized the shared vision for a low-carbon, sustainable future, promoting energy security across the region.
This partnership is aligned with India’s target to achieve 500 GW of renewable energy capacity by 2030, helping reduce reliance on fossil fuels and drive progress toward a cleaner, more resilient energy sector.
