TPREL will invest up to INR 6,500 crore to build 10 GW ingot-wafer capacity in 2 phases
The move supports backward integration and reduces reliance on Chinese imports, says the Tata Power subsidiary
It expects the project to improve margins and achieve payback in about 5 years
Tata Power Renewable Energy Limited (TPREL), a Tata Power subsidiary, is set to upstream solar PV manufacturing targeting up to 10 GW ingot-wafer capacity, to be implemented in 2 phases of 5 GW each. The company board has approved its plan to enter this new line of business.
Expected to cost up to INR 6,500 crore, the investment will mark a new line of business for TPREL that already operates 4.9 GW of solar cell and module manufacturing capacity.
“The foray into ingot and wafer manufacturing supports backward integration, reduces dependence on imports (currently dominated by China), and positions the Company to benefit from India’s policy driven push towards domestic self-reliance in solar manufacturing, particularly in view of the forthcoming ALMM List III requirements,” according to the company.
It will add to the company’s revenue generation sources, with a projected payback period of approximately 5 years.
With this investment, TPREL eyes strategic benefits including early mover advantage, enhanced security of supply for its downstream operations, and improved margins through vertical integration. As of March 31, 2025, TPREL had an operational renewable energy capacity of 5.5 GW, which it targets to expand to about 11 GW by fiscal 2028, reaching 18 GW operating capacity by 2030.
India’s upcoming Approved List of Models and Manufacturers (ALMM) List-III for indigenously manufactured solar wafers comes into force from June 1, 2028 (see India’s MNRE Proposes ALMM List-III For Solar Wafers).
TPREL had previously unveiled plans for 10 GW ingot-wafer manufacturing in November 2025 while reporting its Q2 FY26 financials (see Tata Power Posts Strong Renewables-Led Q2 FY26 Growth).
Its plans to undertake ingot-wafer manufacturing follow similar initiatives by several other leading manufacturers, including ReNew’s 6 GW in Andhra Pradesh and Waaree’s 10 GW plans for Nagpur (see ReNew To Expand Vertical Integration With 6 GW Upstream Plant and Waaree Breaks Ground For 10 GW Ingot-Wafer Factory).