- The approval is for an upcoming 4.3 gigawatt (GW) solar cell greenfield project and module manufacturing plant at Tirunelveli district in Tamil Nadu, India.
- Tata Power is working towards expanding its clean and green energy portfolio and aims to increase it from 38 to 70 per cent by 2030.
The United States International Development Finance Corporation (DFC) Board of Directors has approved $425 million to fund TP Solar Limited, a subsidiary of Tata Power Renewable Limited. In a press release, Tata Power said the approval is for an upcoming 4.3 gigawatt (GW) solar cell greenfield project and module manufacturing plant at Tirunelveli district in Tamil Nadu, India.
Tata Power said the investment will drive India’s renewable energy plans and the manufacturing capability to cater to domestic needs. DFC’s financial support will help secure the supply chain in the country’s journey to lead in the clean energy industry.
According to Tata Power, the firm is working towards expanding its clean and green energy portfolio from 38 to 70 per cent by 2030. The first module production of the plant will begin by the end of the year. Also, the first cell production will commence in the first quarter of the financial year 2023-2024.
The CEO and MD of Tata Power, Praveen Sinha, said, “We appreciate DFC’s assistance for our solar cell and module production facility in Tamil Nadu. It shows DFC’s trust and belief 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 country’s renewable and clean energy transition.”