The Asian Development Bank (ADB) has signed its first transaction advisory services (TAS) agreement in India with the Government of Madhya Pradesh to support the development of three renewable energy projects, an initiative that could attract up to $1 billion in private investment into the state’s clean energy infrastructure.
ADB Country Director for India Mio Oka signed the agreement in the presence of Madhya Pradesh Chief Minister Dr. Mohan Yadav in Bhopal.
Three renewable energy projects
Under the agreement, ADB will act as transaction advisor for three projects proposed to be developed through public-private partnerships (PPP). The projects are aimed at expanding renewable energy capacity while strengthening the state’s electricity grid and energy storage capabilities.
One of the key projects involves a solar power generation and battery energy storage facility at Shajapur, designed to meet peak electricity demand and improve grid stability.
The projects are expected to support electricity supply during peak hours and improve power reliability when solar generation is unavailable, addressing one of the key challenges associated with integrating intermittent renewable energy into the power grid.
ADB to help create bankable projects
ADB Country Director for India Mio Oka said public resources alone cannot meet India’s growing energy requirements and that private capital needs investable projects.
“By helping Madhya Pradesh to structure bankable PPP projects, ADB is helping to crowd in private investment, demonstrate what works, and create scalable models for clean energy infrastructure across the state,” Oka said.
ADB’s TAS platform provides governments with support in project preparation, structuring and procurement, applying international best practices to make infrastructure projects attractive to private investors.
Supports 2030 renewable energy target
The initiative aligns with Madhya Pradesh’s Renewable Energy Policy 2025, which seeks to expand renewable energy and energy storage capacity in the state.
The policy aims to enable renewable energy sources to meet 50% of Madhya Pradesh’s electricity demand by 2030.
The planned solar and battery storage infrastructure is expected to play a role in integrating larger volumes of renewable power into the grid while ensuring electricity availability during periods of high demand.
Private investment to accelerate clean energy
ADB’s involvement is expected to help Madhya Pradesh develop commercially viable PPP structures capable of mobilising substantial private capital for renewable energy and storage infrastructure.
ADB has a track record of supporting renewable energy PPP projects across Asia and the Pacific. Its transaction advisory services are designed to help governments prepare and structure projects, develop procurement frameworks and create bankable investment opportunities.
Long-standing partnership with Madhya Pradesh
ADB has partnered with Madhya Pradesh for more than 25 years across multiple sectors and continues to support the state’s development priorities, including investments in energy infrastructure.
The latest agreement marks an expansion of that partnership into transaction advisory services, with a focus on using private capital to accelerate the state’s clean energy transition.
ADB is a multilateral development bank supporting sustainable, inclusive and resilient growth across Asia and the Pacific. Founded in 1966, it is owned by 69 members, including 50 from the region.