The greenfield solar cell facility being built by the Indian company Tata Power Renewable Energy (TPREL) in the Tamil Nadu district of Tirunelveli has received approval from the American government’s development financing organisation to receive up to $425 million in investment.
The first module production at the 4.3 gigawatt (GW) project is anticipated by year’s end. One of the biggest integrated power businesses in India, Tata Power, owns TPREL.
The investment by Development Finance Corporation (DFC), subject to notice to the US Congress, will assist India in improving its capacity to produce renewable energy by promoting the expansion of domestic solar power. According to a statement from Tata Power, DFC’s financial backing of the company would assist protect the supply chain as the nation strives to lead the world in renewable energy.
DFC collaborates with global participants in the business sector to finance solutions for problems in the developing world. At the recently finished G20 Summit in New Delhi, leaders from around the world were discussing the energy transition and other environmental issues. At that time, funding support was provided. India would benefit from this financial support as it works to meet its goal of 500 GW of sustainable energy by 2030.
“We value DFC’s support for our Tamil Nadu-based solar cell and module manufacturing facility. It demonstrates the confidence and faith DFC has in Tata Power’s capabilities to establish a cutting-edge manufacturing supply chain in the nation. This would significantly boost the nation’s shift to clean and renewable energy, according to Praveer Sinha, chief executive officer and managing director of Tata Power.
Advanced technology will be incorporated into the Tirunelveli manufacturing facility to enable the production of high wattage solar modules and cells with industry-leading efficiencies. The facility will also put industry 4.0 norms for smart manufacturing into practise. Over 2000 jobs are anticipated to be directly or indirectly created by the plant, with local women making up the majority of the workforce.
Tata Power is dedicated to increasing its capacity for clean and green energy, with a target of going from 38% to 70% by 2030. The business is actively concentrating on increasing its renewable capacity and shifting to a consumer-oriented industry. Tata Power now has a renewable portfolio of about 7.8 GW, of which 4.1 GW is operational and 3.6 GW is being implemented. The company also operates 500 MW solar cell and module production facilities in Bengaluru.