TIRUNELVELI, India, December 9- Tata Power launched a newly constructed 4.3 gig watt (GW) solar module and cell manufacturing infrastructure in southern parts of India, largely for the domestic market as claimed by its CEO, despite having an enormous growing international market. TataPower is one of the top integrated power companies that has built a solar module and cell manufacturing facility in Tamil Nadu state. The total investment is a staggering 43 billion rupees or $508 million. The solar power has several wind turbines that it looks down upon.
Praveer Sinha expressed his delight that the new power plant is solely inaugurating for Indian market. He said that the country offers immense opportunity and they are already prepared and set for the next 12 to 16 months projects. However, on the other hand, even though the new plant is tied up for the domestic market, solar module and cell-making companies are continuously trying to grab the US market, the world’s second-largest consumer of solar power after China.
The According to Institute for Energy Economics and Financial Analysis, in the last two years exports of Indian modules have increased by more than 23 times with the United States alone accounting for 97% or more of India’s exports.
Presently, India’s capacity for solar module making is 80GW. However, India is still dependent on China for cells for the module as our cell-making capacity is around 7GW. According to SPV Market Research China accounts for about 80% of the world’s solar shipments with rest of the Asia being its top consumer.
The TataPower is set to add 4GW of cell and module production capacity at the new Tamil Nadu PowerPlant. However, the company has planned to scale up capacity later. As of March this year, the company’s revenue stands at 615 billion rupees. The company is aspiring to cross 1 trillion rupees of annual revenue by 2030. Additionally, the company also has a plan to double its annual profit to 100 billion rupees by 2030, as per Sinha.
As per their investment planning, they aim to topple 1.46 trillion rupees within the 2024-25 and 2029-2030 fiscal years, with the renewable sector drawing nearly 60% of its expenditure.
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