Tata Power Inaugurates 4.3 GW Solar Manufacturing Facility In Tamil Nadu

(MENAFN- KNN India) Chennai, Dec 7 (KNN) Tata Power, a leader in India's energy sector, has unveiled a cutting-edge solar module and cell manufacturing facility in Tamil Nadu, marking a significant milestone in the country's renewable energy landscape.

The 4.3-gigawatt (GW) plant, developed with an investment of Rs 43 billion (USD 508 million), spans 317 acres and underscores Tata Power's commitment to strengthening domestic solar production capacity.

“This facility is primarily focused on the Indian market, which presents immense opportunities,” said Praveer Sinha, CEO of Tata Power, during the inauguration on Friday.“Our production for the next 12 to 16 months is already tied to projects within the country.”

Despite the emphasis on catering to domestic needs, the global demand for Indian solar modules, particularly in the United States, continues to rise sharply.

Exports of Indian solar modules have surged more than 23-fold over the past two years, with the U.S. accounting for over 97 per cent of these exports, according to the Institute for Energy Economics and Financial Analysis.

India's current solar module-making capacity stands at 80 GW, with only about 7 GW in cell production. This has left Indian manufacturers reliant on imports, particularly from China, which dominates 80 per cent of global solar shipments.

Tata Power's Tamil Nadu plant, with a potential to expand by an additional 4 GW, aims to bridge this gap, though scaling plans are yet to be finalized.

Looking ahead, Tata Power is poised for transformative growth. The company targets Rs 1 trillion in annual revenue by 2030, a significant leap from the Rs 615 billion reported for the fiscal year ending March 2024. It also aims to more than double annual profits to Rs 100 billion by 2030.

To achieve these ambitious goals, Tata Power has outlined a capital expenditure plan of Rs 1.46 trillion between FY 2024-25 and FY 2029-30, with nearly 60 per cent allocated to renewable energy initiatives.

The Tamil Nadu facility is a cornerstone of this vision, signaling a bold step toward India's energy self-reliance and global competitiveness.

(KNN Bureau)

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