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.
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.
REGlobal’s Views: India has put significant focus on increasing its solar module supply capabilities and reducing imports through manufacturing incentives, custom duties and domestic content requirement in projects. These policy steps have led to a massive surge in announcement of manufacturing facilities in the country. Tata Power, which has been present in the module manufacturing space for sometime, is also increasing its capacity to supply the large solar project capacity additions expected in the future.
