Tata Power and ADB Join Forces for $4.25 Billion Energy Projects

Tata Power has entered into an agreement with the Asian Development Bank to evaluate a USD 4.25 billion financing for strategic projects. This initiative aims to enhance India's power infrastructure and promote clean and renewable energy, with plans for solar, wind, and hydro storage projects.

Tata Power has announced a significant move towards bolstering India's energy sector by signing an initial agreement with the Asian Development Bank. The pact, valued at USD 4.25 billion, targets various strategic projects designed to upgrade power infrastructure and promote sustainable energy.

The memorandum of understanding, confirmed at a meeting in Baku, outlines funding evaluations for key projects. These include a 966-MW solar wind hybrid project and initiatives in energy transition, decarbonisation, and battery storage.

Speaking on the collaboration, Tata Power's CEO and Managing Director, Praveer Sinha, highlighted the importance of pioneering financing solutions to drive transformative projects in the power sector. The agreement underscores the company's dedication to expanding India's renewable energy capacity.

(With inputs from agencies.)