PLI funding for solar manufacturing to be increased to Rs 24,000 crore

PLI funding for solar manufacturing to be increased to Rs 24,000 crore

To make India an exporting country, the government will soon increase the funding under the Production Linked Incentive (PLI) scheme for domestic solar cell and module manufacturing to Rs 24,000 crore from the current Rs 4,500 crore.

“We brought a PLI scheme (for solar cells and modules) of Rs 4,500 crore. We invited bids and we got 54,500 MW of manufacturing capacity of solar equipment. We asked the government to sanction another Rs 19,000 crore under PLI, which Cleared (in-principle) now we will have PLI of Rs 24,000 crore. We will export solar equipment.”

The Minister also informed that presently the solar module manufacturing capacity in the country is 8,800 MW while the solar cell manufacturing capacity is 2,500 MW.

In April this year, the Union Cabinet had approved a generation linked incentive (PLI) scheme of Rs 4,500 crore to boost domestic manufacturing capacity of solar PV modules.

The objective of the scheme is to add 10,000 MW manufacturing capacity of integrated solar PV modules at present with a direct investment of Rs 17,200 crore. With an increase of Rs 24,000 crore in allocation, the quantum of investment and domestic manufacturing capacity as envisaged under the PLI scheme will increase further.

The PLI scheme – National Program on High Efficiency Solar PV Modules – approved by the Union Cabinet, aims to reduce import dependence in a strategic sector such as power.

Solar PV manufacturers under the scheme will be selected through a transparent competitive bidding process. The PLI on sale of high-efficiency solar PV modules will be distributed for five years after the commissioning of the solar PV manufacturing plants.

Manufacturers will be rewarded for the high efficiency of solar PV modules and sourcing their materials from the domestic market. The PLI amount will increase with increased module efficiency and increase in local value addition.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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