US DFC approves $425mn aid for Tata Power's 4.3 GW Solar Plant in TN

13 Sep 2023 CW Team

The US International Development Finance Corporation (DFC) has granted financial assistance amounting to a maximum of $425 million (equivalent to Rs 3,521 crore) to Tata Power Renewable Energy Ltd for the establishment of a 4.3 GW solar cell manufacturing facility in Tamil Nadu through its subsidiary. Tata Power Renewable Energy (TPREL) announced that the initial module production of the plant is anticipated by the end of this year, while the first cell production is projected to commence in the first quarter of the financial year 2024-25 (FY25).

TPREL conveyed that the board of directors of the US International Development Finance Corporation has given the green light to provide USD 425 million in funding to TP Solar Ltd, a subsidiary of TPREL, for the development of a new 4.3 GW solar cell and module manufacturing plant in Tirunelveli.

TPREL expressed gratitude for the DFC's support in establishing their solar cell and module production facility in Tamil Nadu, underscoring the confidence and trust that the DFC has placed in Tata Power's capability to establish a cutting-edge manufacturing supply chain within the country. Praveer Sinha, CEO & MD of Tata Power, emphasised that this support will significantly contribute to the country's transition towards renewable and clean energy.

The Tirunelveli manufacturing facility is set to incorporate advanced technologies, enabling the production of high-wattage solar modules and cells with industry-leading efficiency. Furthermore, the plant will adhere to industry 4.0 standards for smart manufacturing. It is expected that this project will create over 2,000 employment opportunities, both directly and indirectly, with a significant portion of the workforce likely to comprise women from the local area.

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