Tata Power to set up 10GW solar ingot and wafer plant in India

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Tata Power is going to set up a 10 gigawatt (GW) solar ingot and wafer manufacturing facility in India, the company's CEO Praveer Sinha announced in a media call on November 11.

The move is significant as India’s solar manufacturing ecosystem currently has substantial module (at least 100 GW) and cell (27 GW) capacity, but remains heavily import-dependent for upstream components like ingots and wafers (2.2 GW), which are critical to building a fully integrated and self-reliant solar supply chain. The Union government is looking to boost manufacturing of solar components through fresh incentives.

Tata Power currently only has integrated cell and module manufacturing units with a total capacity of 4.9 GW.

"We have decided to set up a 10 GW ingot and wafer plant. The location is yet to decided. But, things will be finalised in the next two months. We are analysing various aspects such as the Central government's plan for fresh incentive to boost wafer and ingot manufacturing in India.  Besides, the location will also be dependent on which state offers the most subsidy or support to set up such a plant," Sinha said.

Tata Power reported a marginal decline in its consolidated net profit for the second quarter of FY26, coming in at Rs 919.4 crore, down 0.7 percent year-on-year from Rs 926.5 crore. Sinha attributed this to heavy monsoon across India which dampened electricity demand. It was also on account of lower electricity generation after the shutdown of its Mundra plant.

The company's Q2 revenue also dipped 1 percent YoY to Rs 15,544 crore compared to Rs 15,697 crore in the same period last year.

Operating performance weakened, with EBITDA falling 11.8 percent YoY to Rs 3,302 crore from Rs 3,744 crore. Margins contracted to 21.2 percent from 23.9 percent YoY, reflecting cost pressures and softer operational efficiencies.

Tata Power said it will invest Rs 1,572 crore for acquiring 40% equity stake in a special purpose vehicle that will set up 1,125 MW Dorjilung hydro power project in Bhutan at an investment of Rs 13,100 crore.

The acquisition will be done in one or more tranches for which a shareholders agreement would be executed between the company and Druk Green Power Corporation Ltd. (DGPC) in Bhutan, a regulatory filing said.

Sinha said Tata Power is investigating land acquisition for nuclear projects while waiting for regulatory guidance on these initiatives. He also said the company is reviewing options for adding coal plants to their portfolio.

"With proposed amendments to the Electricity Act, Tata Power is well positioned to expand its
distribution footprint to 40 million consumers by 2030. As India’s power sector evolves, Tata
Power remains committed to innovation, sustainability, and energy self-reliance across the
value chain," Sinha said.