India's Tata Power gets US grant of USD 425m for PV factory
Image by Tata Power Renewable Energy Ltd.
The US International Development Finance Corporation will grant up to USD 425 million (EUR 397m) in financing to a unit of Tata Power Renewable Energy Limited (TPREL) for a 4.3-GW solar cell and module manufacturing plant in southern India.
The board of directors of the DFC, the development finance institution in the US, has approved the provision of the financing which is now pending a US congressional notification, Tata Power said on Monday.
The factory is located in the Tirunelveli district in Tamil Nadu with module production set to begin by the end of this year and solar cell production planned to go online in the first quarter of 2024. The plant will create more than 2,000 direct and indirect jobs.
The funding from the DFC aims to bolster India's efforts in expanding its renewable energy manufacturing capacity, facilitating the growth of domestic solar installations in alignment with its broader global shift towards green energy.
Tata Power boasts a renewable energy portfolio of 7.8 GW, including 4.1 GW in operation and 3.6 GW under implementation. The company has also a factory in Bengaluru with a capacity to produce 500 MW of solar cells and 500 MW of modules.
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