The Indian government’s plan to boost domestic manufacturing of solar panels has attracted bids from major companies such as First Solar, Tata Power, and Reliance Industries. The initiative is part of India’s goal to achieve 100 GW of solar power capacity by 2022.
The government’s production-linked incentive (PLI) scheme is aimed at encouraging local production of high-efficiency solar modules and reducing the country’s dependence on imports. The scheme offers incentives to manufacturers based on their production capacity and efficiency levels.
The three companies have submitted their bids to the Ministry of New and Renewable Energy (MNRE) for the scheme. First Solar, a US-based company, has proposed to set up a manufacturing unit with an annual production capacity of 3 GW. Tata Power has submitted a bid for a 2.5 GW plant, while Reliance Industries has proposed to set up a 2 GW manufacturing unit.
The PLI scheme is expected to attract investments of around $6.5 billion and create job opportunities for about 30,000 people. The initiative is part of the government’s efforts to achieve its target of 450 GW of renewable energy capacity by 2030.
The government has set a target of 10 GW of solar panel manufacturing capacity under the PLI scheme in the first year, which is expected to increase to 50 GW by 2030. The scheme has generated a lot of interest from both domestic and international players in the solar industry.
The MNRE is currently reviewing the bids submitted by the companies and is expected to announce the winners of the scheme soon. The successful bidders will be eligible to receive incentives of up to Rs 4,500 crore ($605 million) over a period of five years.
Overall, the PLI scheme is expected to provide a major boost to India’s solar manufacturing industry and help the country achieve its renewable energy targets. The participation of major companies such as First Solar, Tata Power, and Reliance Industries is a positive sign for the growth of the sector in India.