TP Solar Raises $425mn for 4.3 GW Solar Cell, Module Manufacturing Plant

TP Solar, a subsidiary of Tata Power Renewable Energy (TPREL), has raised USD 425 million in financing from the U.S. International Development Finance Corporation’s (DFC) Board of Directors (BoD). The assistance will support its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli district in Tamil Nadu.

The plant’s first module production is expected by the year-end and the first cell production is expected in the Q1/FY24. It is expected to create over 2,000 employment opportunities directly or indirectly for people from the local areas. The facility will integrate advanced technologies enabling the production of high wattage solar modules and cells with industry-leading efficiencies.

Additionally, the facility will deploy smart manufacturing practices adhering to industry 4.0 standards, and thus enable the renewable and clean energy transition in India. DFC is the development finance institution of the US and partners with the private sector entities across the globe to resolve critical challenges through finance solutions.

Tata Power also has a solar cell and module manufacturing plant of 500 MW capacity, each at Bengaluru.