Tata Power has signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) to finance clean energy projects in India worth USD 4.24 billion. The partnership will focus on advancing renewable energy solutions, for evaluation of financing such as a 966-MW solar-wind hybrid project, pump storage systems, battery storage, and other energy transition initiatives.

Additionally, ADB will support capital investment towards the strengthening Tata Power's electricity distribution networks managed by Tata Power. The collaboration also emphasises building resilience, and integrating gender and climate actions to empower women through green technologies and job opportunities.

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.” It aligns with India's ambitious target of achieving 500 GW of non-fossil power generation capacity by 2030.

Energy storage projects like battery and pump storage are vital to this goal, as they address the intermittency of solar and wind power by stabilising the transmission system. This MoU underscores Tata Power and ADB’s commitment to a low-carbon, inclusive, and climate-resilient energy future.