Tata Power’s greenfield gets $425 million fund from DFC board

The upcoming plant’s first module production is expected by the year end and the first cell production is expected in the first quarter of FY 24.

The U.S. International Development Finance Corporation’s (DFC) Board of Directors approved the provision of up to $425 million in financing in TP Solar Limited, a subsidiary of Tata Power Renewable Energy Limited, for its upcoming Greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli district in Tamil Nadu.

The plant’s first module production is expected by the year end and the first cell production is expected in the first quarter of FY 24.Pending a U.S. congressional notification, this investment will support India’s ambitious program to increase renewable energy manufacturing capability to support domestic solar capacity addition as part of its global green energy transition.

The financing support came at a time when global leaders were deliberating on energy transition and other critical sustainability challenges at the recently concluded G20 Summit in New Delhi. This financing support will contribute towards securing India’s commitment to achieve 500 GW of clean energy targets by 2030.

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. The plant is expected to create over 2000 employment opportunities directly or indirectly, with the majority of the employees being women employees from the local areas.