Construction Industry News
The US International Development Finance Corporation (DFC) has provided financial support amounting to up to $425 million (equivalent to Rs 3,521 crore) to Tata Power Renewable Energy Ltd for the establishment of a 4.3 GW solar cell production facility in Tamil Nadu through its subsidiary. Tata Power Renewable Energy (TPREL) announced that initial module production at the plant is expected by the end of this year, while initial cell production is expected to begin in the first quarter of fiscal year 2024-25 (FY25).
TPREL reported that the board of directors of the U.S. International Development Finance Corporation has given the green light to provide USD 425 million in financing to TP Solar Ltd, a subsidiary of TPREL, for the development of a new 4.3 GW solar cell and module plant in Tirunelveli.
TPREL expressed gratitude for the DFC's support in setting up their solar cell and module production facility in Tamil Nadu, and underlined the confidence the DFC has placed in Tata Power's ability to establish an advanced supply chain in the country. Praveer Sinha, CEO & MD of Tata Power, stressed that this support will contribute significantly to the country's transition to renewable and clean energy.
The Tirunelveli production facility will incorporate advanced technologies, enabling the production of high-wattage solar modules and cells with industry-leading efficiency. Moreover, the plant will meet industry 4.0 standards for smart manufacturing. This project is expected to create more than 2,000 jobs, both directly and indirectly, with a significant proportion of the workforce likely to be made up of women from the area.
