CHENNAI: Tata Power Renewable Energy (TPREL) subsidiary TP Solar on Monday said it is raising up to $425 million (around Rs. 3,500 crore) in financing from the US Development Finance Corporation (DFC) for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant in Tirunelveli district in Tamil Nadu.
The board of directors of the US International Development Finance Corporation has approved the provision of up to $425 million in financing to TP Solar, the company said. TPREL is a subsidiary of Tata Power.
The production of the plant’s first module line is expected by the year end, and the first cell production is expected in the first quarter of fiscal year 2024.
