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Tuesday, September 27, 2022

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Tata Power To Invest Rs 3,000 Crore For Solar Cell Manufacturing Units In Tamil Nadu

Tata Power Co. has signed a pact with the Tamil Nadu government to set up greenfield solar cells and panels manufacturing plants in Tirunelveli for Rs 3,000 crore.

The plants with 4-gigawatt capacity each will be build in 16 months, according to a company statement. This will boost the company’s capacity to 4,635 megawatt of modules and 4,500 MW of cells.

Currently, the company has a manufacturing unit in Bengaluru that produces around 635 MW of modules and 500 MW of cells.

The investment will generate employment for 2,000 people and help the state in its transition to clean energy, the statement said.

Also, Tata Power has shown its interest in participating in the Rs 19,500-crore solar production-linked incentive scheme. The tenders will be floated soon. This is expected to boost investments in Indian power equipment manufacturing to reduce dependence on China.

In April 2022, a consortium led by BlackRock and UAE sovereign wealth fund, Mubadala Investment Co. agreed buy a 10.53% stake in Tata Power Renewables for Rs 4,000 crore. The clean energy platform of the company has a generation capacity of 4.9 GW and plans to grow its portfolio to 20 GW by 2030.

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