ReNew may apply for PLI scheme for solar modules


NEW DELHI : With the Indian solar power industry facing a supply crunch and the government’s plan to develop the domestic solar equipment industry, Nasdaq-listed ReNew Energy Global Plc plans to apply for the second tranche of the production linked incentive (PLI) scheme for solar modules.

In an interview, Sumant Sinha, chairman and CEO of ReNew Power said the company is building a six gigawatt (GW) capacity of solar modules.

“We are setting up a 6 GW capacity of solar modules capacity. The submissions (of applications for 2nd tranche PLI) are due in January. We probably will apply,” he said.

In September, the union cabinet approved the second tranche of PLI scheme worth 19,500 crore for domestic manufacture of solar photovoltaic (PV) modules that could lead to savings of 1.37 trillion in imports. The Solar Energy Corporation of India (SECI) recently invited bids for the PLI. The last date for submitting bids is 11 January, and the bids will be opened on 12 January.

This is the second tranche of the PLI. The first tranche of 4,500 crore was approved last year and the bids were awarded to Reliance Industries, Adani Group and Sri Shirdi Sai Group.

On the availability of solar modules, Sinha said the crunch continues and the domestic capacity will take two-three years to be completed.

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