Corporate News

Asian Development Bank (ADB) and Tata Power Delhi Distribution (TPDDL), the distribution arm of Tata Power Company (Tata Power) , entered into an agreement to subscribe to non-convertible debentures for Rs 150 crore (equivalent to $18.2 million) to enhance Delhi's power distribution through grid enhancements, and a $2 million grant to partially finance the purchase and integration of a pilot Battery Energy Storage System (BESS).

The senior secured financing will be used to commission a new 66/11-kilovolt grid, augment and expand transformers, substations, feeder lines, and switching stations, install smart meters, and replace obsolete electrical equipment and meters.

The 10-megawatt-hour (MWh) BESS is South Asia's first grid-scaled energy storage project at the distribution transformer level. It will enable electricity to be stored and delivered on demand, reducing grid instability, and providing the flexibility to integrate intermittent solar and wind energy resources. The grant to finance the BESS is provided by Goldman Sachs and Bloomberg Philanthropies' Climate Innovation and Development Fund (CIDF) and administered by ADB

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