US DFC approves $425mn aid for Tata Power's 4.3 GW Solar Plant in TN
POWER & RENEWABLE ENERGY

US DFC approves $425mn aid for Tata Power's 4.3 GW Solar Plant in TN

The US International Development Finance Corporation (DFC) has granted financial assistance amounting to a maximum of $425 million (equivalent to Rs 3,521 crore) to Tata Power Renewable Energy Ltd for the establishment of a 4.3 GW solar cell manufacturing facility in Tamil Nadu through its subsidiary. Tata Power Renewable Energy (TPREL) announced that the initial module production of the plant is anticipated by the end of this year, while the first cell production is projected to commence in the first quarter of the financial year 2024-25 (FY25).

TPREL conveyed that the board of directors of the US International Development Finance Corporation has given the green light to provide USD 425 million in funding to TP Solar Ltd, a subsidiary of TPREL, for the development of a new 4.3 GW solar cell and module manufacturing plant in Tirunelveli.

TPREL expressed gratitude for the DFC's support in establishing their solar cell and module production facility in Tamil Nadu, underscoring the confidence and trust that the DFC has placed in Tata Power's capability to establish a cutting-edge manufacturing supply chain within the country. Praveer Sinha, CEO & MD of Tata Power, emphasised that this support will significantly contribute to the country's transition towards renewable and clean energy.

The Tirunelveli manufacturing facility is set to incorporate advanced technologies, enabling the production of high-wattage solar modules and cells with industry-leading efficiency. Furthermore, the plant will adhere to industry 4.0 standards for smart manufacturing. It is expected that this project will create over 2,000 employment opportunities, both directly and indirectly, with a significant portion of the workforce likely to comprise women from the local area.

The US International Development Finance Corporation (DFC) has granted financial assistance amounting to a maximum of $425 million (equivalent to Rs 3,521 crore) to Tata Power Renewable Energy Ltd for the establishment of a 4.3 GW solar cell manufacturing facility in Tamil Nadu through its subsidiary. Tata Power Renewable Energy (TPREL) announced that the initial module production of the plant is anticipated by the end of this year, while the first cell production is projected to commence in the first quarter of the financial year 2024-25 (FY25).TPREL conveyed that the board of directors of the US International Development Finance Corporation has given the green light to provide USD 425 million in funding to TP Solar Ltd, a subsidiary of TPREL, for the development of a new 4.3 GW solar cell and module manufacturing plant in Tirunelveli.TPREL expressed gratitude for the DFC's support in establishing their solar cell and module production facility in Tamil Nadu, underscoring the confidence and trust that the DFC has placed in Tata Power's capability to establish a cutting-edge manufacturing supply chain within the country. Praveer Sinha, CEO & MD of Tata Power, emphasised that this support will significantly contribute to the country's transition towards renewable and clean energy.The Tirunelveli manufacturing facility is set to incorporate advanced technologies, enabling the production of high-wattage solar modules and cells with industry-leading efficiency. Furthermore, the plant will adhere to industry 4.0 standards for smart manufacturing. It is expected that this project will create over 2,000 employment opportunities, both directly and indirectly, with a significant portion of the workforce likely to comprise women from the local area.

Next Story
Infrastructure Urban

Afcons shares gain momentum with Bhopal Metro Line 2 project

Afcons Infrastructure made a quiet debut on the stock market on Monday but quickly gained momentum after emerging as the lowest bidder for the Bhopal metro project line 2 package.The Bhopal Metro Phase 1 project’s 12.915 km Blue Line (Line-2) will link Bhadbhada Chauraha and Ratnagiri Tiraha, spanning 13 elevated stations. This package, issued by the Madhya Pradesh Metro Rail Corporation (MPMRCL), involves constructing all 13 stations of the Blue Line’s viaduct. The depot will also be shared with the Orange Line (Karond Circle to AIIMS) for maintenance and stabling purposes.Afcons’ exten..

Next Story
Infrastructure Transport

Locals urge CM to opt for road bypass over flyover at Dandeavaddo

Chinchinim villagers respectfully requested Pramod Sawant, Chief Minister, to instruct the Public Works Department (PWD) and the National Highway authorities to construct a road bypass instead of a flyover on the Dandeavaddo stretch of NH66. The villagers, led by Sarpanch Frank Viegas and Velim MLA Cruz Silva, also raised the long-standing issue of building the Chinchinim Panchayat Ghar and a multi-purpose project on panchayat land that was acquired more than 15 years ago. The delegation met the Chief Minister at the St. Sebastian Chapel junction in Chinchinim as he was returning home from a..

Next Story
Infrastructure Transport

MLA Yashpal Suvarna Announces Malpe-Udupi Highway Construction from Nov 6

MLA Yashpal Suvarna instructed officials to commence work on the Malpe-Udupi Highway on Wednesday. A meeting took place, attended by MP Kota Shrinivas Poojary, Udupi MLA Yashpal Suvarna, and Kaup MLA Suresh Shetty Gurme, to discuss the National Highway 169A project, which spans from Malpe to Udupi, covering areas like Hiriyadka, Parkala, and Perdur. The project had experienced delays due to incomplete land acquisition, but compensation notices have now been issued to the landowners. Of the 214 land acquisition files, 19 pertain to government land, while 195 involve private owners. Notices ha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000