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Reliance, Tata Power & Other 12 Companies To Get Rs 13,937 Cr Under Solar Cells PLI
The manufacturing capacity of 7,400 MW is anticipated to be operational by October 2024, 16,800 MW by April 2025 and the remaining 15,400 MW by April 2026
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Renewable energy subsidiaries of Reliance Industries, Tata Power Company and JSW Energy are among the bidders for the selection of solar photovoltaic (PV) module manufacturers to set up manufacturing capacities under the government's Production Linked Incentive (PLI) Scheme (Tranche-II).
The Solar Energy Corporation of India (SECI), the scheme's nodal body, announced the winners on March 28 who would receive a total of Rs 13,937.575 crore for establishing 39.6 gigatonnes (GW) under the PLI Scheme's second tranche.
The Union Cabinet authorised the second tranche of the PLI scheme for the development of solar PV modules on 21 September with an outlay of Rs 19,500 crore. This tranche of the incentive seeks to support the establishment of 65 GW per year of completely and partially integrated solar PV module manufacturing capacity.
“The PLI scheme has proven to be a watershed event in India's renewable landscape, resulting in around 48 GW domestic module manufacturing capacity within the next three years,” said RK Singh, Union Minister for Power and New and Renewable Energy.
“The plan has bolstered the government's efforts to reduce not only the impact of global supply chain shocks but also our reliance on imports, in line with the Prime Minister's vision of an Aatmanirbhar Bharat,” Singh added.
According to the ministry, a total of 7,400 MW of manufacturing capacity is anticipated to be operational by October 2024, followed by another 16,800 MW capacity by April 2025 and the remaining 15,400 MW capacity by April 2026. The PLI Scheme Tranche-II is anticipated to attract an investment of Rs 93,041 crore. It will also create 1,01,487 jobs, with 35,010 directly employed and 66,477 indirectly employed.
Tranche-I of the Scheme assigned a total integrated capacity of 8,737 MW in November-December 2022. Taking the two tranches together, the total domestic solar PV module manufacturing capacity allotted under the PLI Scheme is 48,337 MW, with the government providing total support of more than Rs 18,500 crores.