India’s Reliance Industries Ltd., Tata Power Co., JSW Energy Ltd., Avaada Group are among bidders for the financial incentives that India is offering to expand domestic manufacturing and curb panel imports from dominant producer China.
Tempe, AZ-based First Solar and London U.K. based ReNew Energy Global Plc, are overseas firms that are also interested in bidding for the incentives offered by the government.
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. His “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, to meet its own requirements and serve export markets.
The bids come amid concerns that the focus on domestic manufacturing is slowing down renewable power projects, undermining India’s transition targets. Power Minister Raj Kumar Singh said last month that his ministry is considering temporarily “relaxing” a key barrier to module imports to speed up projects.
