Tata Power secures $425mn for solar cell project from DFC
What's the story
The US International Development Finance Corporation (DFC) has approved up to $425 million in financial aid for Tata Power Renewable Energy Ltd. (TPREL) to establish a 4.3 GW solar cell plant in Tamil Nadu. The funding will support TP Solar Ltd., a TPREL subsidiary, in constructing a greenfield manufacturing plant at Tirunelveli. Tata Power CEO & MD Praveer Sinha expressed gratitude for DFC's assistance, stating it will significantly contribute to India's renewable and clean energy transition.
Details
Advanced tech and Industry 4.0 in Tirunelveli plant
The Tirunelveli manufacturing plant will integrate advanced technologies, enabling the production of high-wattage solar modules and cells with industry-leading efficiencies. Additionally, the facility will implement Industry 4.0 standards for smart manufacturing, helping TPREL establish a state-of-the-art manufacturing supply line in India. The plant's first module production is expected by year-end, with the first cell production anticipated in the first quarter of the financial year 2024-25.
What Next?
Boosting employment and empowering local women
The upcoming greenfield manufacturing plant at Tirunelveli is expected to create over 2,000 direct and indirect employment opportunities. A majority of the employees are likely to be women from local areas, contributing to the socio-economic development of the region. This initiative supports the government's efforts toward creating a sustainable and clean energy ecosystem while promoting gender diversity in the workforce.