Tata Power, ADB sign $4.25-billion pact for project financing

The MoU outlines the evaluation of financing for several key ongoing projects.

November 22, 2024 01:45 IST

ADB, Tata power, Tata, industry, COP29, Asian Development Bank, energy, green energy, RE — Tata Power signs MoU with ADB. (Image/Reuters)

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.

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.

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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.”