New Delhi, Nov 21 : Tata Power and the Asian Development Bank (ADB) have signed an MoU, coinciding with the ongoing Climate Conference (COP29) at Baku, Azerbaijan, to evaluate financing for its several strategic projects aimed at enhancing India's power infrastructure and promoting renewable and clean energy, the company announced on Thursday.

The MoU outlines the evaluation of financing for several key ongoing projects such as the 966 MW Solar Wind Hybrid project and Pumped Hydro Storage Project and other projects in the pipeline around energy transition, decarbonisation, and battery storage as well as ongoing financing for capex towards strengthening the distribution networks managed by Tata Power.

The total estimated project cost is approximately US $4.25 billion, according to a company statement.

Praveer Sinha, CEO & MD, Tata Power said: 'Our collaboration with the Asian Development Bank is a crucial step as we explore innovative financing solutions to drive transformative power sector projects. This MoU reinforces our commitment to advancing India's clean and renewable energy capacity and modernising our power infrastructure, ensuring sustainable and inclusive growth. These initiatives align with India's ambitious clean energy goals, contributing to energy security and environmental resilience.'

The signatories will also work to build resilience, promote inclusiveness, and specifically focus on integrating gender and climate actions to empower women as economic and transformative agents in deploying green technologies and accessing green jobs.

ADB Director General for Private Sector Operations Suzanne Gaboury said: 'ADB is committed to fostering partnerships that promote sustainability and energy security across Asia and the Pacific. 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.'

This partnership between Tata Power and ADB is pivotal as India accelerates its journey toward achieving its renewable energy target of 500 GW by 2030. The projects under evaluation, such as the large-scale solar-wind hybrid systems and advanced hydro storage solutions, signify an investment in the future of India's clean energy infrastructure.

Through initiatives like these, Tata Power aims to strengthen the nation's capacity for renewable energy, reduce dependency on fossil fuels, and foster a sustainable, energy-secure future, the company said.

This MoU signals a concerted effort to align with global climate action goals while addressing India's unique energy needs. Through this collaboration, Tata Power and ADB are set to pave the way for sustainable progress, enhancing energy access, resilience, and the country's environmental footprint, the Indian power major added.

/IANS