In a major boost to India’s renewable energy sector, the government’s $2.4 billion Production-Linked Incentive (PLI) scheme for solar photovoltaic (PV) manufacturing has attracted interest from 11 companies.
Two major Indian conglomerates, Reliance Industries Limited and Tata Power, are among the contenders for a $2.4 billion financial incentive scheme aimed at promoting domestic solar module manufacturing and reducing dependence on imported panels from China. Other companies in the running include international firms like First Solar, as well as domestic players like JSW Energy, Avaada Group, and ReNew Energy Global. The deadline for bids was February 28, with several extensions granted. According to the industry sources, the Adani Group, which is one of India’s largest solar panel manufacturers, did not participate in the bidding process. Further details on the incentives and projects are expected to be announced soon.
The Indian government has launched the Production Linked Incentive (PLI) Scheme for the National Programme on High-Efficiency Solar PV Modules. The aim of the scheme is to promote the domestic manufacturing of high-efficiency solar PV modules and solar PV cells, with an allocated budget of Rs. 24,000 crore.
The selected solar PV module manufacturers will be eligible for production-linked incentives for five years after commissioning, based on the manufacture and sale of high-efficiency solar PV modules. The scheme will be implemented in two tranches, with the first tranche having an outlay of Rs. 4,500 crore. The second tranche, with an outlay of Rs. 19,500 crore, will have a tender document issued for the selection of solar PV manufacturers.
