Tata Power has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) at COP29 in Baku, Azerbaijan, to explore financing options for key energy infrastructure projects in India.

The agreement focuses on projects such as the 966 MW Solar Wind Hybrid and Pumped Hydro Storage projects, alongside other initiatives in energy transition, decarbonisation, and battery storage.

It also includes financing for Tata Power’s capital expenditure to strengthen its distribution networks. The total estimated cost of these projects is approximately US $4.25 billion.

Praveer Sinha, CEO & MD of Tata Power, emphasised that the partnership with ADB is pivotal in exploring innovative financing for transforming India’s power sector and advancing clean and renewable energy projects.

“This collaboration is in line with India’s clean energy objectives, contributing to energy security and environmental resilience,” he said.

The MoU also aims to integrate gender and climate actions, empowering women as economic agents in deploying green technologies and accessing green jobs. ADB Director General Suzanne Gaboury highlighted that ADB’s partnership with Tata Power reflects a shared vision for a sustainable, low-carbon future.