Shares of Tata Power jumped by as much as 6% on September 10 after the company announced that its subsidiary, TP Solar, has begun commercial production of solar cells at India’s largest single-location solar cell and module manufacturing plant in Tirunelveli, Tamil Nadu. This move is a significant step toward boosting domestic manufacturing of solar cells and modules for renewable energy projects.
The plant currently has 2 GW solar cell production capacity, which is expected to help Tata Power service the emerging demand for high-quality solar components, especially large-scale solar energy projects. Production is expected to ramp up to full capacity within a few months with an additional 2 GW in the coming weeks.
Tata Power previously commissioned a solar module production line at this plant in October 2023, and within that short period, the production has crossed 1,250 MW of Solar Modules. The plant is equipped with the latest TOPCon and Mono Perc technology for efficiency in the field of solar cells and modules. A total sum of around Rs 4,300 crore investment by Tata Power has been committed towards developing this unit.
Produced solar cells and modules will advance the various projects of Tata Power and further strengthen its supply chain. Further, the company intends to explore wider market distribution opportunities for these domestically produced components in the future.
Tata Power shares were trading 5.8% higher at Rs 442.10 at 1:55 pm on the NSE. The stock has surged 33% so far this year, outperforming the Nifty return of 16%. The scrip has also surged 62% in the past 12 months against a 29% gain of the Nifty.
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Source: Moneycontrol
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