Tata Power on Monday announced that it has inked a pact with the Tamil Nadu government to invest Rs 3,000 crore for setting up a new facility to manufacture solar cells and modules in Tirunelveli district of the state.
“Tata Power, one of India’s largest integrated power companies, has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest approximately Rs 3,000 crore for setting up a greenfield 4GW solar cell and 4GW solar module manufacturing plant in Tirunelveli district of Tamil Nadu,” a company statement said.
According to the statement, the MoU outlines the commitment of both the parties to stimulate clean energy transition and employment generation in the state.
The investment in the plant will be made over a period of 16 months and will directly or indirectly create over 2,000 employment opportunities with majority of them for women, it informed.
The MoU was signed by S Krishnan, additional chief secretary to government of Tamil Nadu, Industries Department, and Praveer Sinha, CEO & MD, Tata Power, in the presence of state chief minister M K Stalin and senior officials of the state.
Tata Power said it is committed to establishing state-of-the-art manufacturing facilities in the country and is a forerunner in terms of investing in green technologies.
The company is one of the first to put a solar manufacturing facility in the country in 1991 and since then has regularly upgraded the facility by setting up the Mono-PERC cell line in FY21 at its existing facility in Bengaluru, Karnataka.
Tata Power CEO & MD Praveer Sinha said in the statement, “India has the opportunity to spearhead the usage of clean and green energy solutions to meet its energy requirements. Tata Power Solar’s new production facility, being set up with the support and assistance of Tamil Nadu government, will help to meet the rising demand for clean energy solutions in the country, apart from providing huge employment opportunities.”
Tata Power Solar’s Tamil Nadu facility will be the second manufacturing unit of the company after Bengaluru.
As one of the largest solar manufacturers in India, the company operates a world-class manufacturing unit in Bengaluru, with a production capacity of 635 MW of modules and 500 MW of cells, the company said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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