The Asian Development Bank (ADB) has signed an agreement with the Government of Madhya Pradesh to support three renewable energy projects expected to attract up to US$1bn in private investment.
The agreement marks ADB’s first transaction advisory services mandate in India. Rather than financing the projects directly, the multilateral development bank will help the state structure and procure them through public-private partnerships.
The portfolio includes a solar power and battery energy storage development at Shajapur. The facility is intended to meet peak electricity demand, strengthen grid stability and maintain supply when solar generation is unavailable. Details of the other two projects were not disclosed.
“Public resources alone cannot meet India’s growing energy needs. Private capital exists, but markets need to be made investable,” said ADB country director for India Mio Oka.
“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.”
The projects support Madhya Pradesh’s Renewable Energy Policy 2025, which aims for renewable resources to meet 50% of the state’s electricity demand by 2030.
ADB will advise on project preparation, commercial structuring and procurement. The agreement could provide a model for attracting private capital into renewable generation and storage projects elsewhere in India if the planned developments secure bidders and reach financial close.
The $1bn figure represents an investment target rather than committed financing. ADB has not disclosed the projects’ generation or storage capacities, expected costs, procurement schedules or construction timelines.