OCTOBER 20238ESSAR GROUP & DESERT TECHNOLOGIES SIGN MOU FOR RENEWABLE ENERGY SOLUTIONSTP SOLAR RAISES $425 MN FOR 4.3 GW SOLAR CELL & MODULE MANUFACTURING UNIT IN TNAMemorandum of Understanding (MOU) has been signed between Desert Technologies (DT), an independent holding company for solar PV and smart infrastructure, and Essar Group to jointly develop renewable energy options for Essar Group's Green Steel Arabia (GSA) project in the Kingdom of Saudi Arabia (KSA) as well as potential future projects. At the G20 conference, Desert Technologies and Essar Group signed an MOU.For Essar's Flat Steel Complex in KSA, the first green steel project in the GCC region, the firms stated they will create solutions for renewable energy generation and storage through this relationship. They also said they will look into options for additional possible projects."Desert Technologies' MOU with Essar demonstrates our long-term commitment to supplying renewable energy solutions to satisfy the expanding demand, particularly in the KSA. The increasing low CO2 emission steel business will be further boosted by its solutions in the renewable energy sector, pricing competitiveness, and low carbon footprint solutions, according to Khaled Sharbatly, chief executive officer of DT Investments. Asubsidiary of Tata Power Renewable Energy (TPREL), TP Solar has secured $425 million in financing from the board of directors of the U.S. International Development Finance Corporation (DFC) for the construction of a 4.3 GW greenfield solar cell and module manufacturing facility in Tamil Nadu, India. The integrated power company The Tata Power Company is the parent company of TPREL. America's development financing organisation is called DFC. The first module manufacturing at the facility is anticipated to begin by year's end, and the first cell production is anticipated to begin in the first quarter of FY 24.This investment would support India's ambitious programme to enhance renewable energy manufacturing capability to support domestic solar capacity addition as part of its global green energy transition, subject to notice to the U.S. Congress. Tata Power, DFC's financial support will help protect the supply chain as the nation strives to lead in the field of renewable energy. TOP STORYTOP STORY
< Page 7 | Page 9 >