New Delhi: The US International Development Finance Corporation has approved a financial aid of up to USD 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 (FY'25), Tata Power Renewable Energy Ltd (TPREL) said in a statement on Monday.

"The US International Development Finance Corporation board of directors approved USD 425 million of financing in TP Solar Ltd, a subsidiary of TPREL, for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli," the statement said.

"We appreciate the DFC's assistance for our solar cell and module production facility in Tamil Nadu. It shows the trust and belief DFC has in Tata Power's ability to set up a state-of-the-art manufacturing supply line in the country.

"This will go a long way in supporting the renewable and clean energy transition in the country," Tata Power CEO & MD Praveer Sinha said.

The Tirunelveli manufacturing plant will integrate advanced technologies enabling the production of high wattage solar modules and cells with industry-leading efficiencies, 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.

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