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Tata Power is set to fully operationalise its 2GW solar cell manufacturing unit in Tamil Nadu by October 2024, aiming to reach a 4.9GW capacity.
Tata Power, a leading name in the Indian energy sector, is nearing a significant achievement with its solar cell manufacturing unit in Tamil Nadu scheduled to be fully operational by October 2024. The move is a substantial step forward in enhancing the company's solar energy capacity and solidifying its position in the renewable energy market.
The CEO of Tata Power, Praveer Sinha, recently announced that their 4.3 gigawatt (GW) solar module manufacturing plant located near Tuticorin, Tamil Nadu, which has been operational for nearly a year, is now running at full capacity. This development is part of the company's ongoing efforts to expand its renewable energy footprint across India.
The same facility houses the first 2GW solar cell manufacturing unit, which began its operations earlier this year. With the full functionality expected by the end of October, Tata Power will enhance its total manufacturing capability to 4.9GW each for solar cells and modules.
In addition to its achievements in solar manufacturing, Tata Power has been managing the operational challenges at its Mundra facility in Gujarat. The plant had previously halted operations due to the economic unfeasibility caused by a spike in imported coal prices affecting its power purchase agreements (PPAs) with five states. However, the company is actively engaging with state governments to resolve these issues, with optimistic prospects for a favourable resolution.
Sinha also discussed the broader landscape of climate financing, acknowledging the challenges despite significant support from government bodies. He praised the central and state government's efforts which have been crucial in pushing India's non-carbon generation capacity towards the 200GW mark.
On the financial front, Tata Power's stock showed positive movement, closing 0.39% higher at ₹445 per share on the Bombay Stock Exchange (BSE) as of September 17. The company boasts a robust market capitalisation of ₹1,42,224.56 crore and has delivered impressive returns of approximately 34% this year.
This initiative not only underscores Tata Power's commitment to renewable energy but also aligns with India's broader environmental goals, positioning the company as a key player in the national effort to transition to non-carbon energy solutions.
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