Tata Power, ADB ink $4.25b deal to finance clean energy projects in India

This will cover a 966-MW solar wind hybrid project.

Tata Power and the Asian Development Bank (ADB) have signed a memorandum of understanding that will allocate $4.25b for the company’s renewable energy projects in India.

Under the agreement, the company said financing for some of its ongoing projects will be evaluated. These include a 966-megawatt solar wind hybrid project and pumped hydro storage project, as well as others that focus on energy transition, decarbonisation, and battery storage.

“This MoU reinforces our commitment to advancing India's clean and renewable energy capacity and modernising our power infrastructure, ensuring sustainable and inclusive growth,” Dr. Praveer Sinha, CEO & MD, Tata Power said

“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,” ADB Director General for Private Sector Operations Suzanne Gaboury said.

This partnership is also critical as India accelerates its journey toward achieving its renewable energy target of 500 gigawatts by 2030.