A subsidiary of Tata Power Renewable Energy Limited (TPREL), TP Solar Limited, has secured $425 million in financing from the board of directors of the U.S. International Development Finance Corporation (DFC) for the construction of a 4.3 GW greenfield solar cell and module manufacturing facility in Tamil Nadu, India. The integrated power company The Tata Power Company Limited is the parent company of TPREL. America's development financing organisation is called DFC. The first module manufacturing at the facility is anticipated to begin by year's end, and the first cell production is anticipated to begin in the first quarter of FY 24.
This investment would support India's ambitious programme to enhance renewable energy manufacturing capability to support domestic solar capacity addition as part of its global green energy transition, subject to notice to the U.S. Congress. Tata Power, DFC's financial support will help protect the supply chain as the nation strives to lead in the field of renewable energy.
DFC collaborates with global private sector actors to finance solutions to the most pressing problems now plaguing the developing world. At the recently concluded G20 Summit in New Delhi, world leaders discussed the energy transition and other crucial environmental concerns. The finance support comes at this time. This financial assistance would help India fulfil its aim to generate 500 GW of clean energy by 2030.
DFC's support for our Tamil Nadu solar cell and module production facility demonstrates the confidence and faith DFC has in Tata Power's capacity to establish a cutting-edge manufacturing supply line in the nation. This will significantly aid the nation's shift to clean and renewable energy.
Advanced technology will be incorporated into the Tirunelveli manufacturing facility to enable the production of high wattage solar modules and cells with industry-leading efficiencies. The facility will also put industry 4.0 norms for smart manufacturing into practise. Over 2000 jobs are anticipated to be directly or indirectly created by the plant, with local women making up the majority of the workforce.
Tata Power now has a renewable portfolio of about 7.8 GW, with 4.1 GW operational and 3.6 GW under construction. The company also operates 500 MW solar cell and module production facilities in Bengaluru. At 12.40 pm on Monday, the Tata Power share price was trading at Rs 272.40, up 1.30%.