Reliance, Tata Power in race for $2.4-billion solar module incentive

Solar panels

Reliance Industries and Tata Power, as well as international companies like First Solar, are competing for India's $2.4-billion financial incentive scheme to promote domestic solar module manufacturing and reduce dependence on imported panels from China, Bloomberg reported on March 2.

Other interested parties include JSW Energy, Avaada Group and ReNew Energy Global.

Adani Group, one of India's largest solar panel manufacturers, did not participate in the bidding process, as per the report.

The financial assistance is part of Prime Minister Narendra Modi’s aim to turn the nation into a manufacturing powerhouse, creating more jobs in the economy and reducing imports that can drain foreign exchange.

PM Modi's “Make in India” campaign is an effort to showcase the country as an alternative to China amid a global push to diversify supply chains in the wake of the pandemic.

The government is offering grants to take the country’s module-making capacity to as much as 90 gigawatts by fiscal 2026, enough to meet its own requirements and serve export markets.

The bids, being conducted by state-run Solar Energy Corp., closed Feb. 28, after being extended multiple times.

(Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)