Tata Power signs MoU worth Rs 3,000 cr with TN govt to set up solar manufacturing plant

Homegrown integrated power company Tata Power, on Monday, signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest Rs 3,000 crore for setting up a greenfield 4GW Solar Cell and 4GW Solar Module manufacturing plant in state's Tirunelveli district.

The power company, in a statement, said “The MoU outlines the commitment made by both parties to stimulate clean energy transition and employment in the state. The investment in the plant will be made for 16 months and will directly or indirectly create over 2,000 employment opportunities with a majority of them being women employees.”

Interestingly, Tata Power is also the first to put a solar manufacturing facility in India in 1991, and its Tamil Nadu facility will be the second manufacturing unit of the company after Bangalore, with a production capacity of 635MW of modules and 500 MW of cells.

The MoU was signed by S Krishnan, Additional Chief Secretary, Tamil Nadu government’s industries department; and Praveer Sinha, CEO MD, Tata Power in the presence of the state’s CM MK Stalin during the state’s Investors’ First Port of Call, Investment Conclave 2022.

Sinha, while speaking at the MoU signing ceremony, said, "India has opportunity to spearhead the usage of clean and green energy solutions to meet its energy requirements. Tata Power Solar's new production facility is 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."

This new plant in Tamil Nadu would integrate Mono-Passivated Emitter and Rear Cell (PERC) Bifacial Technology with future n-Type technology of Tunnel Oxide Passivated Contacts (TOPCON) and will produce High Wattage Modules with industry-leading efficiencies, revealed the company.

The facility, for the smooth navigation of equipment, would implement Autonomous Mobile Robots (AMR) which will use lasers and cameras for transporting parts and will also implement Industry 4.0 standards - comprising smart manufacturing tools and technologies.

Shares of Tata Power on Monday traded 2.22 per cent higher at Rs 211.60 apiece on BSE during late-trading hours.

Source: https://www.businesstoday.in/latest/corporate/story/tata-power-signs-mou-worth-rs-3000-cr-with-tn-govt-to-set-up-solar-manufacturing-plant-340227-2022-07-04?utm_source=rssfeed