Tata Power on Thursday said it has signed a memorandum of understanding (MoU) with Asian Development Bank (ADB), coinciding with the ongoing climate conference (COP29) at Baku, Azerbaijan, to evaluate financing for its several projects. The total estimated project cost is nearly $4.25 billion.
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The MoU outlines the evaluation of financing for several key ongoing projects such as the 966 MW solar wind hybrid project and pumped hydro storage project and other projects in the pipeline around energy transition, decarbonisation, and battery storage as well as ongoing financing for capex towards strengthening the distribution networks managed by Tata Power, it said.
Dr Praveer Sinha, CEO & MD, Tata Power, said: “The MoU with the Asian Development Bank reinforces our commitment to advancing India’s clean and renewable energy capacity and modernising 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.”
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ADB director-general for private sector operations Suzanne Gaboury said: “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.”
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