Reliance, Tata, and ReNew Among Winners for Solar Module Manufacturing PLI
The government would disburse ₹139.4 billion for 39.6 GW of solar modules
March 28, 2023
The Solar Energy Corporation of India (SECI) has declared the winners who would be eligible to receive a total of ₹139.4 billion (~$1.69 billion) under Tranche II of the performance-linked incentive (PLI) program to manufacture 39.6 GW of solar modules.
Some eligible companies include Shirdi Sai, First Solar, Reliance, ReNew, and Tata Power.
The Ministry of New & Renewable Energy approved incentives amounting to ₹195 billion (~$2.36 billion) for Tranche II. Out of this, ₹120 billion (~$1.45 billion) had been set aside for vertical integration of manufacturing polysilicon, ingots, wafers, solar cells, and solar modules.
A total of ₹75.8 billion (~$921 million) has been allocated for facilities integrating polysilicon, wafer, cell, and module manufacturing of 15.4 GW capacity.
However, the incentives under the program are available for only 50% of the bid capacity.
Indosol Solar (Shirdi Sai Electricals) has been allocated ₹33 billion (~$401 million) to manufacture 6 GW modules. Similarly, Reliance New Solar Energy has been allotted ₹31 billion (~$377 million) for 6 GW, and FS India Solar Ventures (First Solar) would receive ₹11.8 billion (~$143 million) under the program 3.4 GW.
A total of ₹53.1 billion (~$646 million) has been set aside for facilities integrating wafer, cell, and module manufacturing of 16.8 GW. The total eligible manufacturing capacity for incentives under the program, is 8.4 GW.
Waaree Energies would be eligible for ₹19.2 billion (~$234 million) for manufacturing 6 GW of modules.
Renew Solar would receive ₹15.4 billion (~$187 million) for 6 GW, and Avaada Ventures ₹9.6 billion (~$117 million) for 3 GW.
Additionally, Grew Energy will receive incentives of ₹5.7 billion (~$69 million) for manufacturing 2 GW of modules, while JSW Renewable Technologies will receive ₹3.2 billion (~$39 million) for 1 GW of modules.
A total of ₹10.5 billion (~$128 million) has been allocated for facilities integrating cell and module manufacturing of 7.4 GW. The total eligible manufacturing capacity for this basket is 3.7 GW.
TP Solar (Tata Power) has been allocated ₹3.8 billion (~$46 million) for manufacturing 4 GW of modules.
Vikram Solar is eligible for ₹5.3 billion (~$64 million) for 2.4 GW of modules, and AMPIN Solar One (Amp Energy) will receive a maximum incentive of ₹1.4 billion (~$17 million) for manufacturing 1 GW of modules.
IREDA announced the list of successful bidders under Tranche-I. Reliance New Energy Solar’s PLI award amount was increased to ₹19.17 billion (~$232.11 million) from ₹11.90 billion (~$144 million) for a capacity of 4 GW. Shirdi Sai Electricals was awarded a PLI of ₹18.75 billion (~$227 million) for 4 GW.
Adani Infrastructure was awarded a PLI of ₹6.63 billion (~$80.27 million) out of the total quoted amount of ₹36 billion (~$435.84 million) for a capacity of 737 MW under the bucket-filling method.