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PLI for Solar Power Production Raises to Rs 19,500 Crore

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Both The Ministry of New and Renewable Energy (MNRE) and the Ministry of Electronics and Information Technology (MeitY) endeavoured extra money for the PLI programmes beyond their initial outlays.

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At a recent inter-ministerial meeting, the Department of Promotion of Industrial Trade (DPIIT) is said to have agreed to the Ministry of New and Renewable Energy (MNRE) suggestion to increase the scheme’s allocation to Rs. 19,500 crore from the Rs. 4,500 crore, which was granted initially.

According to reports, the meeting, which was chaired by NITI Aayog CEO Amitabh Kant and attended by DPIIT secretary Anurag Jain and MNRE secretary Indu Shekhar Chaturvedi, was called to consider how to use up to Rs 30,984 crore in savings from auto and auto component PLI programmes. The government lowered the budget for the auto industry PLI plan from Rs 57,043 crore to Rs 26,058 crore.

Kant stated that “Considering the fact that these (solar) proposals are already in hand and can be implemented immediately, there is a compelling reason to allocate an additional amount of Rs 19,500 crore to MNRE for the implementation of the PLI on the high-efficiency solar module.” 

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Reliance New Energy Solar, Shirdi Sai Electricals of Andhra Pradesh, and BC Jindal Group’s Jindal India Solar Energy were chosen as beneficiaries of the PLI plan for solar panel production, with an initial allocation of Rs 4,500 crore. Under the proposal, these firms will build around 12,000 megawatts (MW) of manufacturing capacity.

As the scope of the scheme expands, as many as 15 companies, including public-sector Coal India, Adani Infrastructure, Larsen and Toubro, ReNew Solar, Tata Power Solar, Waaree Energies, Vikram Solar, Megha Engineering & Infrastructures, and FS India Solar Ventures, will receive incentives under the PLI scheme for solar manufacturing.

While making the suggestion for further cash allocation, the sector’s import reliance, the backdrop of Glasgow obligations, and the importance of local solar manufacture for meeting green hydrogen ambitions were all taken into account, Kant further added.

MNRE, on the other hand, stated that it has received 18 valid PLI bids in total and that the manufacturing commitment may be increased to 54,809 MW if the PLI allocation is increased to Rs 24,000 crore to accommodate all bidders.

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The expanded capacity is expected to give a domestic supply source to an industry that is now 80 per cent reliant on imports. 

The country now has 103 GW of installed renewable energy capacity, 48 GW of which is solar. Another 50 GW of renewable energy projects is under construction, with another 32 GW in different stages of bidding.

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