Tata Power, one of India's leading integrated power companies, and the Asian Development Bank (ADB) have signed a memorandum of understanding to evaluate financing for several strategic projects aimed at enhancing India's power infrastructure and promoting renewable and clean energy. The total estimated project cost is US$4.25 billion.

The projects include a 966-megawatt solar-wind hybrid project, a pumped hydro storage project, and other projects in the pipeline around energy transition, decarbonization, and battery storage, as well as ongoing capital expenditure for strengthening the distribution networks managed by Tata Power.

The MOU was signed during  the recently concluded COP29 in Baku, Azerbaijan.

“Our collaboration with the Asian Development Bank is a crucial step as we explore innovative financing solutions to drive transformative power sector projects,” says Tata Power chief executive officer and managing director Praveer Sinha.

“This MOU reinforces our commitment to advancing India's clean and renewable energy capacity and modernizing our power infrastructure, ensuring sustainable and inclusive growth. These initiatives align with India's ambitious clean energy goals, contributing to energy security and environmental resilience.”

ADB director general for private sector operations Suzanne Gaboury adds: “ADB is committed to fostering partnerships that promote sustainability and energy security across Asia and the Pacific. 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.“

In its national electricity plan, India aims to achieve 500 gigawatts in renewable energy capacity by 2030.