Tata Power’s Tamil Nadu solar cell unit gets $425 mn from US govt agency
The American government’s development finance institution has approved investing up to $425 million in TP Solar, a subsidiary of Tata Power Renewable Energy (TPREL), for the Indian firm’s greenfield solar cell plant in Tirunelveli district of Tamil Nadu.
The 4.3 gigawatt (GW) plant’s first module production is expected by this year’s end. TPREL is a subsidiary of Tata Power, one of India’s largest integrated power companies.
Pending a US congressional notification, the investment by Development Finance Corporation (DFC) will help India to increase renewable energy manufacturing capability by supporting domestic solar capacity addition. DFC’s financial support of Tata Power will help secure the supply chain in the country’s journey for leadership in clean energy, said a statement by Tata Power.
