TP Solar raises $425 mn for 4.3 GW Solar cell and module manufacturing plant in TN
Tata Power Renewable Energy Limited (TPREL), has raised $425 million in financing from the U.S. International Development Finance Corporation’s (DFC) Board of Directors for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli district in Tamil Nadu, India.
TPREL is a subsidiary of The Tata Power Company Limited, an integrated power company.
DFC is America’s development finance institution.
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.
DFC’s financial support of Tata Power will help secure the supply chain in the country’s journey for leadership in the clean energy space,» said Tata Power in a press statement.
DFC partners with the private sector players across the globe to finance solutions to the most critical challenges facing the developing world today. The financing support is coming at a time when global leaders deliberated on energy transition and other critical sustainability challenges at the recently concluded G20 Summit being held in New Delhi.
This financing support will contribute towards securing India’s commitment to achieve 500 GW of clean energy targets by 2030.
«DFC's assistance for our solar cell and module production facility in Tamil Nadu 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
