Tata Power gets $425 million from US DFC for solar-cell and module project
Tata Power Solar Limited said in a filing with the stock exchanges on Monday that it expects to receive up to $425 million in financing from the US International Development Finance Corporation (DFC) for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant in the Tirunelveli district of Tamil Nadu.
The supply chain will be more stable thanks to DFC’s financial support for Tata Power Solar. The plant’s initial module manufacturing is anticipated to begin before the end of the year.
By 2030, Tata Power Solar, a division of Tata Power Renewable Energy Ltd (TPREL), plans to boost its capacity for clean and green energy from 38% to 70%. The corporation is concentrating on increasing its renewable energy capacity and shifting its focus to the consumer.
Presently, 4.1 GW of Tata Power’s 7.8 GW renewable portfolio is operational, with the remaining 3.6 GW still being implemented. A 500 MW solar cell and module manufacturing facility is also in operation and owned by the firm.
“We appreciate DFC’s assistance for our solar cell and module production facility in Tamil Nadu. 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,” said Praveer Sinha, CEO and MD, of Tata Power.
The investment, which intends to support the ambitious program and boost the production of renewable energy, is pending notice to the US Congress.
DFC collaborates with businesses from all around the world to finance solutions to the most pressing problems that the developing world is currently facing. This funding will help India meet its goal of producing 500 MW of clean energy by 2030.