Tata Group's Tata Power has signed an initial pact with the Asian Development Bank (ADB) to evaluate financing worth USD 4.25 billion (Rs 35898 crore) for its several strategic projects. A memorandum of understanding has been signed with ADB at Baku, Azerbaijan, Tata Power said in a statement.
The total estimated project cost is about USD 4.25 billion, Tata Power said. This comes weeks after Ratan Tata's demise. Tata Power, whose market cap is Rs 131000 crore, is an Indian electric utility and electricity generation company based in Mumbai.
Tata Power has a diversified portfolio of 15,010 MW, spanning the entire power value chain -- from renewable and conventional energy generation to transmission and distribution, trading, storage solutions and solar cells and module manufacturing.
The MoU between the Tata company and ADB 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.
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Tata Power CEO and Managing Director Praveer Sinha said, "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 said, "ADB is committed to fostering partnerships that promote sustainability and energy security across Asia and the Pacific."
(With inputs from PTI)
