Tata Power inks MoU worth Rs3,000 crore to set up solar manufacturing plant in Tamil Nadu

5 Jul 2022 , 09:20 AM

Tata Power, one of India's largest integrated power companies, has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest approx. Rs3,000 crore for setting up a greenfield 4GW Solar Cell and 4GW Solar Module manufacturing plant in Tirunelveli District of Tamil Nadu.

The MoU outlines the commitment made by both parties to stimulate clean energy transition and employment in the state. The investment in the plant will be made over a period of 16 months and will directly or indirectly create over 2,000 employment opportunities with majority of them being women employees.

The MoU was signed by Thiru S. Krishnan IAS, Additional Chief Secretary to Government of Tamil Nadu, Industries Department, and Dr. Praveer Sinha, CEO & MD, Tata Power in the presence of Honourable Chief Minister of Tamil Nadu, Thiru M. K. Stalin and other senior officials of the state during the Tamil Nadu Investors’ First Port of Call, Investment Conclave 2022.

Tata Power is committed to establishing start-of-the-art manufacturing facilities in the country and is a forerunner in terms of investing in green technologies. The company is one of the first to put a Solar manufacturing facility in the Country in 1991 and since then has regularly upgraded the facility by setting up the Mono-PERC cell line in FY 21 at its existing manufacturing facility in Bengaluru, Karnataka.

Speaking at the MoU signing ceremony, Dr Praveer Sinha, CEO & MD, Tata Power, said "India has opportunity to spearhead the usage of clean and green energy solutions to meet its energy requirements. Tata Power Solar's new production facility is being set up with the support and assistance of Tamil Nadu Government, will help to meet the rising demand for clean energy solutions in the country apart from providing huge employment opportunities."

The new plant in Tamil Nadu will integrate Mono-PERC (Passivated Emitter and Rear Cell) Bifacial Technology with future n-Type technology of Tunnel Oxide Passivated Contacts (TOPCON) and will produce High Wattage Modules with industry-leading efficiencies.

For the smooth navigation of equipment, the facility will implement Autonomous Mobile Robots (AMR) which use lasers and cameras for transporting parts. Another highlight of the technological advancement in the plant will be the implementation of Industry 4.0 standards - a fully interconnected factory comprising smart manufacturing tools and technologies.

At around 9:19 AM, Tata Power Company was trading at Rs214.70 per share up by Rs3.2 or 1.51% from its previous closing of Rs211.50 per share on the BSE.