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

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

People familiar with the situation, who have asked for anonymity because the information has not been made public, say the 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 solar panel manufacturers in the country.

The financial support is part of Prime Minister Narendra Modi's plan to turn the country into a production powerhouse, resulting in the creation of more jobs and a reduction in imports that could deplete foreign exchange reserves. In light of global pressure to diversify supply chains after 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.

Representatives for JSW Energy, Avaada Group and Reliance declined to comment. Adani, Tata Power, ReNew and First Solar, as well as the Department of Renewable Energy, did not immediately respond to emailed requests for comment. After being renewed several times, bids from the state-run Solar Energy Corp. ended on Feb. 28. Projects and incentives are still in the works.

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