TP Solar Limited’s plans step closer with US finance

The U.S. International Development Finance Corporation’s (DFC) Board of Directors approved the provision of up to USD 425M in financing in TP Solar Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL), for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli district in Tamil Nadu, India.

The plant’s first module production is expected by the year end and the first cell production is expected in the first quarter of FY 24.

Pending a U.S. congressional notification, this investment will support India’s ambitious program to increase renewable energy manufacturing capability to support domestic solar capacity addition as part of its global green energy transition. DFC’s financial support of Tata Power will help secure the supply chain in the country’s journey for leadership in the clean energy space.

DFC partners with private sector players across the globe to finance solutions to the most critical challenges facing the developing world today. The financing support came at a time when global leaders were deliberating on energy transition and other critical sustainability challenges at the recently concluded G20 Summit in New Delhi. This financing support will contribute towards securing India’s commitment to achieve 500 GW of clean energy targets by 2030.

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