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USDFC approves US$425 mn for Tata Power solar cell and module plant
The Tirunelveli manufacturing plant will integrate advanced technologies enabling the production of high-wattage solar modules and cells with industry-leading efficiencies.
Representative Image / Unsplash
The United States International Development Finance Corporation (USDFC), has approved a provision of up to US$425 million in financing to TP Solar Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL), for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli district in Tamil Nadu, India. TPREL is a subsidiary of Tata Power, India’s largest integrated power company.
The company observed that the investment will support India’s ambitious program to increase renewable energy manufacturing capability to support domestic solar capacity addition as part of its global green energy transition, and the country's commitment to achieve 500 GW of clean energy targets by 2030. The press statement emphasized that the company is committed to expanding its clean and green energy capacity, targeting an increase from 38 per cent to 70 per cent by 2030.
Commenting on the development, Dr Praveer Sinha, chief executive officer (CEO) and managing director of Tata Power, said, "We appreciate DFC's assistance for our solar cell and module production facility in Tamil Nadu. It shows the trust and belief DFC has in Tata Power’s ability to set up a state-of-the-art manufacturing supply line in the country. This will go a long way in supporting the renewable and clean energy transition in the country."
The Tirunelveli manufacturing plant will integrate advanced technologies enabling the production of high-wattage solar modules and cells with industry-leading efficiencies. Additionally, the facility will implement industry 4.0 standards for smart manufacturing.
The plant is expected to create over 2,000 employment opportunities directly or indirectly. The plant’s first module production is expected by the year-end (2023), while the first cell production is expected in the first quarter of the financial year 2024.
The company is actively focusing on renewable capacity expansion and transitioning into a consumer-oriented business. Meanwhile, Tata Power is already operating a solar cell and module manufacturing plant of 500 MW capacity, each at Bengaluru.
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