2024-11-21 19:41:10 :
New Delhi: Tata Power has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) to provide financing for clean energy projects worth USD 4.24 billion in India.
Tata Power said in a statement that the scope of the MoU includes an assessment of the financing of several ongoing key projects such as the 966 MW solar-wind hybrid project, pumped hydro projects and projects around energy transition, decarbonization and Other initiatives for battery storage.
The agreement also includes financing from Manila-based multilateral development lender Asian Development Bank for capital expenditures to strengthen the distribution network managed by Tata Power.
The total project cost is expected to be approximately US$4.25 billion, the statement said.
“A critical step”
Praveer Sinha, CEO and Managing Director, Tata Power, said: “Our partnership with the Asian Development Bank is a key step in our efforts to explore innovative financing solutions to drive projects that transform the power sector. This MoU reinforces our commitment to improving India’s clean and Renewable energy capabilities and a commitment to modernizing power infrastructure and ensuring sustainable and inclusive growth are in line with India’s ambitious clean energy goals and contribute to energy security and environmental resilience.”
Tata Power and ADB will also work to build resilience and promote inclusivity with a special focus on integrating gender and climate action to empower women to be part of the economy and the workforce that deploys green technologies and access green jobs, the company statement said. Change agent.
Suzanne Gaboury, Director General of ADB’s Private Sector Operations, said: “ADB is committed to nurturing partnerships that promote sustainable development and energy security in the Asia and Pacific region. As part of this strategy, our partnership with Tata Power The collaboration reflects a shared vision for a low-carbon, inclusive and climate-resilient future, supporting India’s transition to sustainable energy solutions.”
fit for purpose
The collaboration is in line with India’s ambitious goal of achieving 500 GW of non-fossil power generation capacity by 2030. Energy storage projects, including batteries and pumped hydro, are key to achieving this as they will provide stability to the transmission system as both solar and wind are intermittent.
Tata Power on Tuesday announced a strategic partnership with Druk Green Power Corporation Ltd (DGPC) to develop at least 5,000 MW of clean energy generation capacity in Bhutan.
In November last year, Tata Power said it would invest $60,000 crore by FY27, nearly half of which will be invested in renewable energy.
Follow us On Social Media Twitter/X
