November 21, 2024: Tata Power and the Asian Development Bank (ADB) have joined hands to accelerate India’s clean energy transformation. A Memorandum of Understanding (MoU) worth $4.25 billion was signed during the Climate Conference (COP29).

This collaboration will fund key projects, including a 966 MW solar-wind hybrid system, pumped hydro storage, and battery solutions. These initiatives aim to modernize India’s power network, promote renewable energy, and reduce dependence on fossil fuels.

Also read | SECI Signs MoU to Boost Green Hydrogen Initiatives

Dr. Praveer Sinha, CEO of Tata Power, emphasized the importance of innovative financing to meet India’s clean energy goals. “This partnership aligns with our vision for sustainable and inclusive growth,” he said.

ADB’s Suzanne Gaboury highlighted the shared commitment to a low-carbon and climate-resilient future. The projects also aim to empower women in green jobs and integrate gender and climate actions.

This move supports India’s target of 500 GW renewable energy by 2030, marking a major step toward sustainability and energy security.