The US International Development Finance Corporation has authorized financial assistance to Tata Power Renewable Energy Ltd. in the amount of up to USD 425 million (Rs 3,521 crore) for the establishment of a 4.3 GW solar cell in Tamil Nadu by its subsidiary.
According to a statement released on Monday by Tata Power Renewable Energy Ltd (TPREL), the first module production at the plant is anticipated to begin by year’s end and the first cell production in the first quarter of fiscal year 2024–2025 (FY25).
“The US International Development Finance Corporation board of directors approved USD 425 million of financing in TP Solar Ltd, a subsidiary of TPREL, for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli,” the statement said.
“We appreciate the 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,” Tata Power CEO & MD Praveer Sinha said.
According to TPREL, the manufacturing facility in Tirunelveli will incorporate cutting-edge technologies that will allow it to produce high wattage solar modules and cells with industry-leading efficiencies. The facility will also put industry 4.0 standards for smart manufacturing into practice. More than 2,000 jobs are anticipated to be directly or indirectly created by the plant, with local women likely to make up the majority of the workforce.
