Mumbai
The US International Development Finance Corporation (DFC) has provided financial support of up to $425 million to Tata Power Renewable Energy Ltd (TPREL) for the establishment of a 4.3 GW solar cell and module manufacturing facility in Tamil Nadu, India. The project will be managed by TPREL’s subsidiary, TP Solar Ltd.
The manufacturing plant, located in Tirunelveli, will leverage advanced technologies to produce high-wattage solar modules and cells with industry-leading efficiencies. Additionally, the facility will adopt industry 4.0 standards for smart manufacturing.
Initial module production is expected by the end of this year, with cell production set to commence in the first quarter of the financial year 2024-25. One of the noteworthy aspects of this project is its potential for job creation. It is estimated that the manufacturing plant will generate over 2,000 employment opportunities, primarily benefiting women from the local community.
This significant financial support from the DFC underscores its commitment to advancing renewable energy initiatives in India. The project aligns with India’s ambitious clean energy goals and will contribute to the country’s transition towards sustainable and eco-friendly energy sources.
Tata Power Renewable Energy Ltd (TPREL) is a leading player in India’s renewable energy sector, and this investment will strengthen its position in the market while promoting the growth of the solar energy industry in Tamil Nadu. The facility’s implementation of advanced technologies and smart manufacturing practices will further enhance its competitiveness in the global solar market.
Overall, this project represents a substantial step towards India’s renewable energy objectives and underscores the importance of international cooperation in achieving a sustainable energy future.
