Tata Power shares rise 6% after start of production at Tamil Nadu plant

Actions of Tata Power It rose 6.6 per cent to hit an intraday high of Rs 444.80 on the BSE on Tuesday after the company started solar cell production at India’s largest 4.3 GW solar cell and module manufacturing plant at a single location in Tamil Nadu.

The facility is aimed at boosting domestic cell and module manufacturing and thereby contributing to India’s solar energy and net-zero emission goals. It is equipped with advanced TOPCon and Mono Perc technology to improve solar cell efficiency.

“Indigenous solar cell production marks an important milestone as it supports India’s ambitious clean energy goals and reduces dependence on imports. The solar cell production, which currently has a capacity of 2 GW, will enhance Tata Power’s ability to meet the growing demand for high-quality, indigenously produced solar components, especially for large-scale capacity addition projects,” the company said in a filing to the stock exchanges.

The plant is expected to ramp up production and add the remaining 2 GW of capacity in the next 4 to 6 weeks, reaching full production in the coming months.

With a total cell and module manufacturing capacity of 4.3 GW, the module production line at the Tirunelveli plant was commissioned in October 2023 and has produced 1250 MW of solar modules to date.

“The commencement of cell production at our Tirunelveli plant is a significant step towards indigenisation in the solar value chain and achieving self-reliance. We are committed to making solar energy force “It is accessible to all and ensures a bright future for India, powered by renewable energy. We believe this plant will lead the way in supporting the country’s vision of a net-zero carbon future,” said Praveer Sinha, CEO and MD, Tata Power, commenting on the launch of production. Also Read: Premier Energies shares continue their bullish streak and soar 181% since their initial public offeringThe company has committed nearly Rs 4,300 crore for setting up this facility, which is a cornerstone of Tata Power’s strategy to lead India’s transition to renewable energy, particularly in the solar and utility rooftop segments, where it has a 20 per cent market share and is eyeing further expansion under schemes such as the PM Surya Ghar Yojana. While the modules produced at this factory are part of the Government’s Approved Model and Manufacturer List (ALMM), the company is confident that its high-quality cells will also make it to the ALMM list of cells, which the Government is expected to announce soon.

(Disclaimer: The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of Economic Times)

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