TP Solar Ltd., a step-down subsidiary of Tata Power Co., has commenced production of 2 GW of solar cells at its manufacturing facility in Tamil Nadu's Tirunelveli district.
The plant is expected to ramp up production, with the remaining 2 GW capacity to be added over the next four to six weeks, reaching peak production within the next few months.
The solar cell production will enhance Tata Power's ability to meet the growing demand for high-quality and domestically produced solar components, especially for large-scale capacity-addition projects, the company said in an exchange filing on Monday.
The module production line at the Tirunelveli plant, with a total cell and module manufacturing capacity of 4.3 GW, was commissioned in Oct. 2023 and has produced 1,250 MW of solar modules till date.
The company has committed nearly Rs 4,300 crore towards the establishment of this facility.
“The commencement of cell production at our Tirunelveli plant is a significant step towards indigenisation in the solar value chain and achieving self-sufficiency. We are committed to making solar power accessible to all and ensuring a bright future for India, powered by renewable energy. We believe that this plant will lead the way in supporting the country's vision for a Net-Zero carbon future," said Chief Executive Officer and Managing Director Praveer Sinha.
TP Solar is a subsidiary of Tata Power Renewable Energy Ltd., which is a subsidiary of Tata Power.
The shares of Tata Power fell as much as 1.37% during the day to Rs 411.30 apiece on the NSE. The stock closed 0.20% higher at Rs 417.85 per share. This compares with a 0.34% advance in the benchmark Nifty 50. The stock has risen 53.68% in the last 12 months and 26.51% year-to-date.
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