Tata Power’s renewable energy project worth USD 425 million gets DFC approval

12 Sep 2023 , 10:10 AM

The US International Development Finance Corporation has authorized a loan of up to USD 425 million (Rs 3,521 crore) to Tata Power Renewable Energy Ltd for the establishment of a 4.3 GW solar cell by its subsidiary in Tamil Nadu.

The plant’s first module production is planned to be operational by the end of the year, while the first cell production is scheduled in the first quarter of the fiscal year 2024-25 (FY25), according to a statement issued by Tata Power Renewable Energy Ltd (TPREL) on Monday.

‘The board of directors of the US International Development Finance Corporation 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,’ according to the announcement.

TPREL stated that the Tirunelveli manufacturing plant will use innovative technology to enable the production of high-wattage solar modules and cells with industry-leading efficiencies.

In addition, the facility will apply Industry 4.0 smart manufacturing standards. The plant is expected to directly or indirectly create over 2,000 job possibilities, with the majority of employees likely to be local women.

For feedback and suggestions, write to us at [e-mail]