TP Solar Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL), has received $425 million in financing from the International Development Finance Corporation's (DFC) Board of Directors for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant in Tamil Nadu, India.

TPREL is a subsidiary of the integrated power company The Tata Power Company Limited. The Development Finance Corporation (DFC) is America's development finance institution.

The first module production at the plant is expected by the end of the year, and the first cell production is expected in the first quarter of FY 24.

"Pending a U.S. congressional notification, this investment will support India’s ambitious program to increase renewable energy manufacturing capability to support domestic solar capacity addition as part of its global green energy transition. DFC’s financial support of Tata Power will help secure the supply chain in the country’s journey for leadership in the clean energy space," said Tata Power in a press statement.

DFC partners with the private sector players across the globe to finance solutions to the most critical challenges facing the developing world today. The financing support is coming at a time when global leaders deliberated on energy transition and other critical sustainability challenges at the recently concluded G20 Summit being held in New Delhi. This financing support will contribute towards securing India’s commitment to achieve 500 GW of clean energy targets by 2030.