RIL shows interest in govt’s subsidy program for solar sector

Mukesh Ambani, the owner of the multinational conglomerate Reliance Industries Ltd (RIL), is mulling a bid for Indian government incentives for solar power manufacture as part of the fossil-fuels giant's 10 billion dollars drive into sustainable energy. Sources revealed that the firm attended a pre-bid meeting in June to discuss the subsidy programme. Last month, Reliance announced plans to build factories to -- manufacture solar components, energy storage batteries, electrolysers for producing green hydrogen, and fuel cells. To help revive a pandemic-stricken economy and reduce reliance on imports, the central government has announced financial incentives for manufacturing in a variety of sectors, including solar energy and batteries. Breaking ties with China, the largest trading partner of India and the source of nearly 80% of the country's solar modules, has boosted the push for independence. Coal India Ltd (CIL), a state-owned coal mining and refining company, is also considering submitting bids for subsidies to manufacturing solar equipment. India plans to nearly increase its renewable energy capacity to 450 GW by 2030, to reduce the dependence on fossil fuels, which currently power its economy. Solar power will account for roughly 62% of the 2030 target, implying that the country will need to instal nearly 26 GW of capacity each year for the following nine years. Currently, the country can only meet about half of the demand for modules. The government is providing Rs 4,500 crore to companies that are establishing solar manufacturing facilities. According to ministry documents, proposals like the one unveiled last month by Reliance to manufacture the entire chain of products from raw material polysilicon to finished modules would be given preferential treatment. Image Source Also read: Reliance eyes acquisition of Norway solar module maker REC Also read: Govt gives 75-day extension to renewable projects under construction