DFC approves $425 mn for Tata Power project

The US International Development Finance Corporation has approved a financial aid of up to $425 million (Rs 3,521 crore) to Tata Power Renewable Energy Ltd for setting up a 4.3 GW solar cell in Tamil Nadu by its subsidiary.

The plant’s first module production is expected by year-end and the first cell production is expected in the first quarter of the financial year 2024-25 (FY25), Tata Power Renewable Energy Ltd (TPREL) said.

Additionally, the facility will implement industry 4.0 standards for smart manufacturing. The plant is expected to create over 2,000 employment opportunities directly or indirectly, with the majority of employees likely to women from local areas, it added.