Tata Power on Monday announced that it had reached an agreement with the Tamil Nadu government to invest Rs 3,000 crore in the construction of a new plant to produce solar cells and modules in the state's Tirunelveli district.
"Tata Power, one of India's largest integrated power companies, has signed an MoU with the Tamil Nadu government to invest approximately Rs 3,000 crore for the establishment of a greenfield 4GW solar cell and 4GW solar module manufacturing plant in Tirunelveli district of Tamil Nadu." the company said in a statement.
The MoU outlines the commitment of the two parties to encourage the transition to renewable energy and the creation of jobs in the state. It was stated that the investment in the facility would be spread out over a 16-month period and would directly or indirectly result in the creation of over 2,000 job opportunities, the bulk of which would be for women.
In the presence of the state's chief minister, M K Stalin, and other top officials, the MoU was signed by Praveer Sinha, CEO & MD of Tata Power, and S Krishnan, Additional Chief Secretary to the Government of Tamil Nadu, Industries Department.
The company is dedicated to building cutting-edge manufacturing facilities in the nation and is a pioneer when it comes to investing in green technologies, it said.