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On November 21, 2024, at the Climate Conference (COP29) in Baku, Azerbaijan, Tata Power and the Asian Development Bank (ADB) signed a Memorandum of Understanding (MoU) to explore financing options for Tata Power’s strategic energy projects. The initiatives, with an estimated cost of $4.25 billion, aim to:
- Enhance India’s power infrastructure
- Expand renewable and clean energy projects
- Strengthen power distribution networks
- Support the energy transition and decarbonization
- Develop advanced battery storage solutions
Emphasis on Resilience and Inclusivity
The partnership highlights the importance of resilience and inclusivity, integrating gender and climate actions. A specific focus is placed on empowering women as economic agents through participation in green technologies and access to green jobs.
Key Goals of the Partnership
- Advancing India’s clean energy goals: Aligns with India’s target of achieving 500 GW of renewable energy by 2030, supporting projects like large-scale solar-wind hybrid systems and advanced hydro storage solutions.
- Reducing fossil fuel dependency: Strengthens India’s renewable energy capacity, reducing reliance on traditional energy sources.
- Promoting sustainability: Represents a collaborative effort to align with global climate action goals while addressing India’s energy needs and environmental sustainability.
Statements from Leaders
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Dr. Praveer Sinha, CEO & MD of Tata Power:
“This MoU with ADB is pivotal in driving transformative power projects that align with India’s clean energy goals. It reflects our commitment to building a modern, sustainable, and inclusive energy infrastructure that supports growth and resilience.” -
Suzanne Gaboury, ADB Director General for Private Sector Operations:
“ADB’s partnership with Tata Power demonstrates our shared commitment to a low-carbon, inclusive, and climate-resilient future. Together, we aim to support India’s transition to sustainable energy solutions and strengthen energy security across the region.”
Disclaimer
This announcement contains forward-looking statements that may involve risks and uncertainties. These statements are based on management’s current views and are subject to change, with actual results potentially differing significantly.