Tata Power and the Asian Development Bank (ADB) have entered into a memorandum of understanding (MoU) to provide $4.25 billion in funding for renewable energy projects in India, focusing on the nation's energy transition goals.
The agreement will prioritize financing for several ongoing projects, including a 966-megawatt solar-wind hybrid system, a pumped hydro storage project, and other initiatives aimed at decarbonization and battery storage.
“This MoU reinforces our commitment to advancing India's clean and renewable energy capacity and modernizing our power infrastructure, ensuring sustainable and inclusive growth,” said Dr. Praveer Sinha, CEO and Managing Director of Tata Power.
ADB Director General for Private Sector Operations Suzanne Gaboury underscored the partnership's alignment with India's renewable energy goals. “As part of this strategy, 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,” she stated.
The collaboration is a key milestone as India progresses toward achieving its renewable energy target of 500 gigawatts by 2030, a cornerstone of its energy transition strategy.
