Tata Power receives $425 million from US for solar cell plant
13 September 2023 11:36
The United States government’s International Development Finance Corporation, or DFC, is providing Tata Power Renewable Energy Limited with $425 million for a 4.3 gigawatt solar cell and module plant in the Tirunelveli district in Tamil Nadu, according to a September 11 press release.
"We appreciate DFC's assistance,” said Tata Power Chief Executive and Managing Director Praveer Sinha. “It shows the trust and belief DFC has in Tata Power’s ability to set up a state-of-the-art manufacturing supply line in the country. This will go a long way in supporting the renewable and clean energy transition in the country.”
The factory will adopt 4.0 smart manufacturing standards that utilize sensors, controllers, and automation for self-managing production processes that require less human oversight. Around 2,000 people – a majority of whom will be local women – will work in the plant or affiliated employers.
These workers are slated to begin high-wattage module production by the end of the year. The first cells are expected to roll off its assembly line in the first quarter of the 2024 fiscal year.
India aims to generate 500 gigawatts of clean energy by 2030. Tata Power has announced its intention to expand its clean and green energy generation from 38 percent to 70 percent in the same period. The company’s renewable energy capacity includes 4.1 gigawatts of current generation as well as 3.6 gigawatts under development. Tata Power is also now running another solar cell and module plant in Bengaluru that has 500 megawatts of capacity. ce/jd