The Asian Development Bank (ADB) has reached an agreement with the State Government of Madhya Pradesh, India, to provide transaction advisory services (TAS) for the development of three renewable energy projects in the state.
The signing ceremony took place in Bhopal, Madhya Pradesh, and was attended by ADB India country director Mio Oka and Madhya Pradesh Chief Minister Mohan Yadav.
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The initiative is projected to bring in $1bn in private investment and support Madhya Pradesh’s targets for clean energy and energy storage.
The agreement will see ADB act as a transaction advisor for projects developed through public-private partnerships (PPPs).
Among the projects planned is a solar power generation and battery energy storage facility at Shajapur. This installation is intended to supply electricity during peak demand periods and improve grid stability.
The proposed projects aim to strengthen grid reliability, especially when solar power is not available, by supporting peak-hour electricity supply and improving overall system reliability.
The plans align with Madhya Pradesh’s Renewable Energy Policy 2025, which aims to increase the state’s renewable energy and storage capacity.
The policy targets enough renewable energy to supply 50% of the state’s electricity demand by 2030.
Mio Oka said: “Public resources alone cannot meet India’s growing energy needs. Private capital exists, but markets need to be made investable.
“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.”
ADB’s role includes supporting project preparation, structuring and procurement, drawing on experience from similar renewable energy PPP projects in various markets across Asia and the Pacific.
ADB has worked with Madhya Pradesh for more than 25 years in several sectors, with ongoing support for the state’s infrastructure and development plans, including energy.
The bank was established in 1966 and is owned by 69 members, 50 of which are from the Asian region.
In May 2026, ADB unveiled a $70bn (4.38bn pesos) initiative to strengthen energy and digital infrastructure across Asia and the Pacific by 2035.
