Tata Power’s shares surged 2.01% to reach an intraday high of Rs 416.70 on Friday on the company’s announcement that it has signed a $4.25 billion memorandum of understanding (MoU) with the Asian Development Bank (ADB) to finance important clean energy power projects.
The announcement of a historic partnership with the Asian Development Bank (ADB) caused Tata Power’s stock to rise 1.7% in trading on Friday, November 22. At the COP29 Climate Conference in Baku, Azerbaijan, the news was made.
Tata Power Sign MoU with Asian Development Bank
Tata Power and the Asian Development Bank (ADB) signed an MoU on Thursday, coinciding with the ongoing Climate Conference (COP29) in Baku, Azerbaijan, to evaluate financing for several strategic projects aimed at improving India’s power infrastructure and promoting renewable and clean energy, the company announced.
The MoU outlines the evaluation of financing for several key ongoing projects, including the 966 MW Solar Wind Hybrid project and the Pumped Hydro Storage Project, as well as other projects in the pipeline related to energy transition, decarbonization, and battery storage, as well as ongoing financing for capex to strengthen Tata Power’s distribution networks.
In order to ensure sustainable and equitable growth, this Memorandum of Understanding reaffirms our dedication to modernizing our power infrastructure and expanding India’s clean and renewable energy potential. These programs support energy security and environmental resilience while also being in line with India’s ambitious clean energy ambitions.
About Tata Power
Tata Power firm Limited, a premier integrated power firm and a subsidiary of the Tata Group, India’s largest multinational conglomerate, holds a diverse portfolio of 15.2GW. This portfolio covers the full power value chain, including renewable and conventional energy generation, transmission, distribution, trading, storage solutions, and solar cell and module manufacture. Tata Power, a pioneer in India’s clean energy revolution, generates 6.4GW of clean energy, accounting for 42% of its total capacity.
