Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, has announced a proposed investment of up to INR65 billion (US$685 million) to establish solar PV ingot and wafer manufacturing plant in India.
The investment will support the development of up to 10GW of ingot-wafer manufacturing capacity, to be implemented in two phases of 5GW each.
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According to the company, the project is expected to deliver strategic benefits including early mover advantage in a capacity-constrained domestic market, enhanced supply security for downstream operations, improved margins through vertical integration, and projected financial returns with a payback period of approximately five years.
Upstream solar PV manufacturing, specifically ingot and wafer production, is a key segment of the solar value chain supplying inputs for downstream cell and module manufacturing.
The move also supports backward integration, reducing dependence on imports, which are currently dominated by China, and aligns with India’s policy-driven push for domestic self-reliance in solar manufacturing.
The company added that the investment positions it to leverage policy incentives and demand protection mechanisms, particularly in light of the forthcoming ALMM List III requirements.
As of March 2025, Mumbai-headquartered TPREL operates an installed renewable energy portfolio of approximately 5.5GW. The company has outlined an expansion roadmap to scale this capacity to 11GW by FY2028 and further to 18GW by 2030.
The company currently has a utility-scale footprint exceeding 1.5GW spread across more than 13 states in India. On the manufacturing side, the company operates around 4.7GW of capacity for solar modules and cells, forming part of its broader push to strengthen vertical integration across the solar value chain.
In March 2025, TPREL signed a memorandum of understanding (MoU) with the Government of Andhra Pradesh to develop up to 7GW of renewable energy capacity in the state. Under the agreement, the two parties agreed to jointly explore development opportunities of up to 7GW across solar PV, wind, and hybrid projects, with or without energy storage integration.
