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Tata Power will establish its ₹6,675 crore, 10 GW ingot and wafer manufacturing plant at Gopalpur

ICICIdirect Research 28 Jul 2026 DISCLAIMER

News: Tata Power will establish its ₹6,675 crore, 10 GW ingot and wafer manufacturing plant at Gopalpur, Odisha, after selecting the state based on favourable incentives, lower power costs and ready land availability. The facility will be developed in two phases of 5 GW each, with the first phase targeted for commissioning in January 2028 and the second around six months later. Separately, the company said it is evaluating nuclear power projects across Madhya Pradesh, Odisha and Gujarat, with a final site selection expected in 6–8 months, while also targeting 2–3 GW of solar cell and module exports to Europe as non-Chinese supply chains gain traction.

View: The 10 GW ingot-wafer facility marks a significant backward integration step for Tata Power's solar manufacturing business, strengthening supply-chain localisation and reducing reliance on imports. The project implies a capital intensity of ~₹0.67 crore/MW (₹66.8 lakh/MW), which is broadly in line with large-scale upstream solar manufacturing investments. Alongside potential nuclear investments and export opportunities in Europe, the project enhances Tata Power's long-term growth visibility across clean energy manufacturing and generation.

Impact: Positive

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