The collaboration is expected to enhance Tata Power’s growth plan in renewable energy, power distribution, and other sustainable energy projects.
Tata Power has announced the signing of a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) to explore financing options amounting to USD 4.25 billion. This significant agreement was formalized during an event held in Baku, Azerbaijan.
With ADB’s strong emphasis on sustainable development, this partnership highlights Tata Power’s commitment to transitioning to cleaner energy sources and contributing to India’s renewable energy targets.
Tata Power On MoU
“The MoU has been signed evaluate financing for its several strategic projects aimed at enhancing India’s power infrastructure and promoting renewable and clean energy,” it said.
The total estimated project cost is about USD 4.25 billion, Tata Power said.
Tata Power CEO and Managing Director Praveer Sinha said, “Collaboration with ADB is a crucial step as we explore innovative financing solutions to drive transformative power sector projects. The MoU reinforces our commitment to advancing India’s clean and renewable energy capacity and modernising our power infrastructure, ensuring sustainable and inclusive growth.”
The MoU outlines the evaluation of financing for several key ongoing projects such as the 966-MW solar wind hybrid project and 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.
ADB On Partnership & MoU
ADB Director General for Private Sector Operations Suzanne Gaboury said, “ADB is committed to fostering partnerships that promote sustainability and energy security across Asia and the Pacific.”
Tata Power has a diversified portfolio of 15,010 MW, spanning across the entire power value chain — from renewable and conventional energy generation to transmission and distribution, trading, storage solutions and solar cells and module manufacturing.
The MoU also focuses on integrating gender and climate initiatives, aiming to empower women as key contributors in deploying green technologies and securing green jobs. ADB Director General Suzanne Gaboury emphasized that the partnership with Tata Power embodies a shared commitment to building a sustainable, low-carbon future.
(With inputs from PTI)