Reliance Industries Ltd and Tata Power will compete for a $2.4 billion financial incentive plan to stimulate domestic solar module manufacture and reduce reliance on imported Chinese panels. According to Bloomberg, foreign corporations such as First Solar, JSW Energy, Avaada Group, and ReNew Energy Global will compete for the programme. According to sources, the bid deadline was February 28 after multiple delays.
Despite being one of India’s top solar panel manufacturers, the Adani Group did not participate in the bidding process. Additional information on incentives and projects is still pending. With an outlay of Rs. 24,000 crores, the Centre launched the Production Linked Incentive (PLI) Scheme for National Programme on High-Efficiency Solar PV Modules in February this year, with the goal of achieving domestic manufacturing capacity of Giga Watt (GW) scale in high-efficiency solar PV modules and solar PV cells.
The plan includes provisions for production-linked incentives to chosen Solar PV module manufacturers on the manufacturing and sale of High-Efficiency Solar PV modules for five years after commissioning. The programme will be implemented in two stages. Tranche-I has a Rs 4,500 crore budget, and Letters of Award have been awarded to three winning bidders for the establishment of 8,737 MW of fully integrated Solar PV module manufacturing plants.
PM Modi started the “Made in India” campaign to promote the country’s products as an alternative to Chinese items in the aftermath of the outbreak. According to reports, Indian Photovoltaic (PV) producers are strategically positioned for expansion and acceptance of new technologies in the next few years. State Governments are boosting domestic solar manufacturing by including fiscal and non-financial incentives in their industrial, electronics, and solar policies.
