Wed Sep 11 05:59:59 UTC 2024: ## Tata Power Shares Soar on Commercial Production of Solar Cells at New Facility

**Mumbai, India:** Tata Power Company Ltd shares surged over 6% on Tuesday, reaching an intra-day high of ₹446.95 following the announcement that its subsidiary, TP Solar, has begun commercial production of solar cells at its 2 GW manufacturing facility in Tirunelveli, Tamil Nadu.

This new facility, touted as India’s largest single-location integrated solar cell production plant, will significantly boost Tata Power’s ability to supply high-quality, domestically produced solar components. This move aligns with India’s ambitious clean energy goals and aims to reduce reliance on imports.

The facility, operated by an 80% women workforce, is expected to reach full production capacity within a few months. Tata Power plans to further scale up production in the coming weeks, with an additional 2 GW capacity set to become operational within 4-6 weeks.

Praveer Sinha, CEO & Managing Director of Tata Power, stated, “The commencement of cell production at our Tirunelveli plant is a significant step towards indigenisation in the solar value chain and achieving self-sufficiency.”

The company has invested close to ₹4,300 crore in this facility, which is central to their vision of leading India’s transition to renewable energy. Tata Power aims to grow its renewable energy portfolio from 41% to 70% by 2030.

This news comes on the back of a strong financial performance for the company. Tata Power’s net profit increased by 4% year-on-year to ₹1,189 crore for the June quarter, driven by improved operational efficiency. Revenue also saw a 12% YoY growth, reaching ₹16,810 crore in the first quarter.

The company is confident that its high-quality solar cells will be included in the Government’s Approved List of Models and Manufacturers (ALMM) for cells, expected to be announced soon.

This strategic investment in domestic solar cell production positions Tata Power as a key player in India’s journey towards a sustainable future.

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