Tata Power Solar Raises $425 Mn From DFC
Tata Power Solar, a subsidiary of Tata Power Renewable Energy (TPREL) has received USD 425 million for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli district in Tamil Nadu from the US International Development Finance Corporation’s (DFC) Board of Directors.
The step came as world leaders were discussing the transition to a sustainable energy source and other important sustainability issues at the recently wrapped G20 Summit in New Delhi.
“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,” said Praveer Sinha, CEO and MD, Tata Power.
Tata Power now has a renewable capacity of about 7.8 GW, with 4.1 GW operational and 3.6 GW under construction. The company also already has a 500 MW capacity solar cell and module manufacturing facility functioning in Bengaluru.
The facility is also expected to put industry 4.0 norms for smart manufacturing into practice. The first module manufacturing at the facility is anticipated to begin by year’s end, and the first cell production is anticipated to begin in the first quarter of FY24.
Notably, advanced technology is expected to be incorporated into the Tirunelveli manufacturing facility to enable the production of high-wattage solar modules and cells with industry-leading efficiencies.
