Several companies, including conglomerate Reliance Industries, integrated power company Tata Power, US-based solar panel manufacturer First Solar, Indian power company JSW Energy, green energy developer Avaada Group, and renewable energy company ReNew Energy Global, among others, submitted bids, according to multiple media outlets, including Bloomberg.
Nevertheless, it was stated that Adani Group, a conglomerate, did not participate in the offer.
According to the PLI requirements, the winning solar PV module producer will be expected to have GW-scale manufacturing facilities for high efficiency solar PV modules. This decision is intended to encourage the production of high-efficiency solar PV modules in India and minimise reliance on renewable energy.
The Indian government has set aside INR195 billion (US$2.4 billion) for the latest round of the incentive.
Furthermore, the majority of the money allotted for the project, worth INR120 billion, was given to the production of polysilicon, wafers, solar cells, modules, or thin film facilities. The second phase, valued at INR 45 billion, involves the production of wafers, solar cells, and modules. The last component, at INR 30 billion, solely included the production of solar cells and modules.
Earlier, PV Tech claimed that India needed to launch additional renewable energy bids if it was to accomplish the government’s objective of 450GW of installed capacity by 2030, due to shifting distribution company preferences and states’ uneven fulfilment of purchase requirements.
According to a collaborative analysis by JMK Research & Analysis (JMK) and the Institute for Energy Economics and Financial Analysis (IEEFA), 28GW of renewable energy bids would be issued in India in 2022, down from 40GW in 2019.
