Tata Power on Thursday mentioned it has signed an preliminary pact with Asian Development Bank (ADB) to judge financing price $ 4.25 billion for its a number of strategic projects. A memorandum of understanding has been signed with ADB at Baku, Azerbaijan, Tata Power mentioned in an announcement.
“The MoU has been signed evaluate financing for its several strategic projects aimed at enhancing India’s power infrastructure and promoting renewable and clean energy,” it mentioned.
The whole estimated undertaking price is about $ 4.25 billion, Tata Power mentioned.
The MoU outlines the analysis of financing for a number of key ongoing projects such because the 966-MW photo voltaic wind hybrid undertaking and pumped hydro storage undertaking and different projects within the pipeline round energy transition, decarbonisation, and battery storage in addition to ongoing financing for capex in direction of strengthening the distribution networks.
Tata Power CEO and Managing Director Praveer Sinha mentioned, “Collaboration with ADB is a crucial step as we explore innovative financing solutions to drive transformative power sector projects. The MoU reinforces our commitment to advancing India’s clean and renewable energy capacity and modernising our power infrastructure, ensuring sustainable and inclusive growth.”
ADB Director General for Private Sector Operations Suzanne Gaboury mentioned, “ADB is committed to fostering partnerships that promote sustainability and energy security across Asia and the Pacific.”
Tata Power has a diversified portfolio of 15,010 MW, spanning throughout the whole energy worth chain — from renewable and standard energy era to transmission and distribution, buying and selling, storage options and photo voltaic cells and module manufacturing.
