TPSSL bags $425 million from DFC for solar module plant in India

Tata Power Solar Systems Limited (TPSSL) has bagged $425 million from the US international Development Finance Corporation (DFC) for its forthcoming solar module and cell manufacturing plant located in Tirunelveli district, Tamil Nadu, India. The facility is anticipated to commence operations by the end of this year, with the manufacturing of its first cell expected in the first quarter of 2024. The funding will assist the country’s aim to boost domestic renewable energy production as part of its switch to green energy.

TPSSL will further assist in securing the renewable energy supply chain and advancing India’s ambition to become the leader in clean energy with the help of DFC. Furthermore, the manufacturing plant will use innovative technologies to produce more efficient high-wattage solar modules and cells. The facility will also incorporate industry 4.0 guidelines for smart manufacturing. The plant is further expected to generate over 2,000 direct and indirect employment, with local women likely to make up the majority of the workforce.

In August 2023, Tata Power signed a MoU with the government of Maharashtra to set up two large pumped hydro storage projects of capacities 1,800 MW and 1,000 MW at Shirawata, Pune district and Bhivpuri, Raigad district, respectively.

In July 2023, Tata Power received a letter of award from the Chhattisgarh State Power Distribution Company Limited to set up a smart metering project in the Raipur area of Chhattisgarh.