Tata Power partners with ADB to drive $4.2bn clean energy projects

Tata Power Company Limited has partnered with the Asian Development Bank (ADB) to facilitate financing for strategic clean energy projects. The Memorandum of Understanding (MoU) was signed during COP29 in Baku, Azerbaijan, underlining Tata Power’s commitment to strengthening India’s renewable energy infrastructure and advancing its clean energy transition.

The MoU outlines financing evaluations for Tata Power projects, including the 966 MW solar wind hybrid system and a pumped hydro storage facility. These ventures represent a significant investment in energy transition projects aimed at decarbonisation, battery storage, and distribution network upgrades. The total estimated cost of these projects is $4.25 billion, a testament to Tata Power’s ambition to transform India’s energy landscape.

Dr. Praveer Sinha, CEO and MD of Tata Power, highlighted the collaboration’s role in driving energy transition projects. He noted that innovative clean energy financing would enable the company to support India’s renewable energy infrastructure while contributing to energy security and sustainability.

ADB, represented by Suzanne Gaboury, Director General for Private Sector Operations, reiterated its commitment to fostering partnerships for a low-carbon and climate-resilient future. She described the engagement with Tata Power as pivotal for advancing clean energy transition efforts in Asia and the Pacific.

The partnership not only focuses on large-scale energy initiatives like the solar wind hybrid project but also emphasises inclusivity. Specific attention will be directed towards empowering women through access to green jobs and deploying gender-focused strategies in renewable energy infrastructure.

Tata Power projects reflect the company’s leadership in India’s clean energy transition. With a total power portfolio of 15.2 GW, 42% of which comes from renewable sources, Tata Power is committed to achieving carbon neutrality before 2045. Its energy transition projects span renewable energy generation, transmission, distribution, and solar module manufacturing, enabling the company to serve over 12.5 million customers nationwide.

This MoU is a major step forward in aligning India’s renewable energy infrastructure with its 2030 target of 500 GW. By investing in pumped hydro storage and clean energy financing initiatives, Tata Power is strengthening the nation’s capacity for green energy while reducing dependence on fossil fuels.

As Tata Power collaborates with the Asian Development Bank, the focus on solar wind hybrid systems and energy transition projects signifies progress toward a more sustainable and energy-secure future. By advancing its clean energy financing strategy, the company is addressing India’s unique energy challenges while contributing to global climate goals.

This partnership underscores the role of Tata Power projects in reshaping India’s renewable energy infrastructure. It highlights the importance of large-scale energy transition projects in ensuring sustainable progress and a robust clean energy transition for India’s economy.