Tata and Reliance vie for India's $2.4 billion solar incentives
POWER & RENEWABLE ENERGY

Tata and Reliance vie for India's $2.4 billion solar incentives

Reliance Industries Ltd. and Tata Power Co., two manufacturers of solar modules, are among the bidders for 195 billion rupees (2.4 billion USD) in financial incentives that India is offering to increase domestic manufacturing and reduce panel imports from China's dominant producer.

People familiar with the situation, who requested anonymity because the information has not been made public, say that Indian companies JSW Energy Ltd., Avaada Group, and ReNew Energy Global Plc, as well as the U.S. company First Solar Inc., are also showing interest. According to the individuals, none of the bidders included the troubled Adani Group, one of the largest manufacturers of solar panels in the nation.

The financial support is part of Prime Minister Narendra Modi's plan to transform the country into a manufacturing powerhouse, resulting in the creation of more jobs and a reduction in imports that can deplete foreign exchange reserves. In light of a worldwide push to diversify supply chains following the pandemic, his "Make in India" campaign aims to promote India as an alternative to China.

To increase the nation's module-making capacity to as much as 90 gigawatts, which would be sufficient to satisfy its own needs and serve export markets, the government is providing grants. However, there are concerns that India's transition goals are being undermined by the focus on domestic manufacturing, which is slowing down renewable power projects. In an effort to speed up projects, Power Minister Raj Kumar Singh stated last month that his department is considering temporarily "relaxing" a significant obstacle to module imports.

JSW Energy, Avaada Group, and Reliance representatives declined to comment. Adani, Tata Power, ReNew, and First Solar, as well as the renewables ministry, did not immediately respond to emailed requests for comment. After being extended multiple times, the state-run Solar Energy Corp.'s bids ended on February 28. Projects and incentives are still under wraps.

Reliance Industries Ltd. and Tata Power Co., two manufacturers of solar modules, are among the bidders for 195 billion rupees (2.4 billion USD) in financial incentives that India is offering to increase domestic manufacturing and reduce panel imports from China's dominant producer. People familiar with the situation, who requested anonymity because the information has not been made public, say that Indian companies JSW Energy Ltd., Avaada Group, and ReNew Energy Global Plc, as well as the U.S. company First Solar Inc., are also showing interest. According to the individuals, none of the bidders included the troubled Adani Group, one of the largest manufacturers of solar panels in the nation. The financial support is part of Prime Minister Narendra Modi's plan to transform the country into a manufacturing powerhouse, resulting in the creation of more jobs and a reduction in imports that can deplete foreign exchange reserves. In light of a worldwide push to diversify supply chains following the pandemic, his Make in India campaign aims to promote India as an alternative to China. To increase the nation's module-making capacity to as much as 90 gigawatts, which would be sufficient to satisfy its own needs and serve export markets, the government is providing grants. However, there are concerns that India's transition goals are being undermined by the focus on domestic manufacturing, which is slowing down renewable power projects. In an effort to speed up projects, Power Minister Raj Kumar Singh stated last month that his department is considering temporarily relaxing a significant obstacle to module imports. JSW Energy, Avaada Group, and Reliance representatives declined to comment. Adani, Tata Power, ReNew, and First Solar, as well as the renewables ministry, did not immediately respond to emailed requests for comment. After being extended multiple times, the state-run Solar Energy Corp.'s bids ended on February 28. Projects and incentives are still under wraps.

Next Story
Infrastructure Transport

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Next Story
Resources

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Next Story
Real Estate

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?