Indian integrated power company Tata Power has entered into a memorandum of understanding (MoU) with the state government of Rajasthan to invest in renewable power, including PV module manufacturing.
With an investment of nearly INR1.2 trillion (US$14.3 billion), the MoU covers the construction of 10GW of renewable power capacity, of which 6GW of solar PV and 4GW of hybrid capacity will be developed across the cities of Bikaner, Jaisalmer, Barmer and Jodhpur. It also includes investment in rooftop solar for one million households.
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At the upstream level, the company aims to build a 2GW module assembly plant in the city of Jodhpur and with an investment of INR20 billion.
Moreover, Tata Power will invest in modernising grid infrastructure with investments in state transmission systems and distribution infrastructure, with an investment of INR10 billion and INR20 billion, respectively.
According to the company, the MoU would create 28,000 direct jobs in the state of Rajasthan. It currently has commissioned 1GW of solar PV capacity, along with 130MW of rooftop solar.
This is the latest MoU Tata Power has signed with a state government in India. Earlier this year the renewables company signed two MoUs with the southern Indian government of Tamil Nadu to deploy 10GW of renewable power capacity and increase annual manufacturing nameplate capacity, of 4GW of solar cells and 4GW of modules, by 300MW.
Dr. Praveer Sinha, CEO at Tata Power, said: “Our partnership with the government of Rajasthan is a testament to our shared vision of building a low-carbon, resilient, and integrated energy ecosystem in the state. By using our experience across the entire power sector value chain, we aim to support Rajasthan’s energy goals and create economic opportunities for its people.”
Vikram Solar files for IPO, targets 3GW of solar cells and 6GW of TOPCon module capacity
In related news, Indian solar manufacturer Vikram Solar aims to raise funds through an initial public offering (IPO) to invest in its manufacturing capacity in India.
Vikram Solar filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an IPO, where it aims to offer up to 17.45 million of equity shares at a value of INR10 each.
The company aims to raise INR15 billion (US$180 million), with a major portion of the net proceeds set to be used to build an integrated solar cell and module plant in the southern Indian state of Tamil Nadu. The technology used for this plant will be tunnel oxide passivated contact (TOPCon).
The capacity expansions will be carried out in two phases, with the first one to add 3GW of integrated solar cells and modules, while the second phase would double the annual nameplate capacity of the module assembly plant to 6GW. For the first phase of construction, the company aims to invest INR7.9 billion, while the second phase will include an investment of INR6 billion.
The first phase is expected to be completed in October 2025, while the cell capacity completion date is set at January 2026.
As of the filing of the draft papers for the IPO, Vikram Solar has an annual nameplate capacity of 3.5GW of modules in plants located in the Indian states of West Bengal and Tamil Nadu. Currently the company uses several technologies for the assembly of its modules, including p-type Passivated Emitter and Rear Contact (PERC) and n-type TOPCon and heterojunction (HJT).
In West Bengal, the company aims to add 1GW of annual nameplate manufacturing capacity by fiscal year 2025, which is completely funded by internal accruals. Machinery and auxiliary equipment for the expansion of the West Bengal have already been ordered and are currently being processed with transit scheduled for this October.
Regarding HJT modules, Vikram Solar recently launched its first product with the technology, Survaya, which is a bifacial module with 20 busbars and a maximum power conversion efficiency of 23.34%.
This is not the first instance Vikram Solar filed draft papers for an IPO, where it also sought to raise INR15 billion back in 2022. At the time, the company aimed to raise funds for a 2GW integrated solar cell and module manufacturing plant in India.
Vikram Solar—as well as Tata Power—was among the Indian solar manufacturers awarded capacity in the second round of the product list incentive (PLI) last year. Vikram Solar was awarded for the construction of 1GW of solar cells and module capacity.
