In NEW DELHI: The Avaada Group and First Solar Inc. are among the beneficiaries of India’s 195 billion rupee ($2.4 billion) in incentives to promote indigenous production of solar modules.
According to Sujoy Ghosh, managing director of First Solar India, the company’s 3.4 gigawatt Tamil Nadu plant, which would be a fully integrated facility, has been awarded a government grant of 11.78 billion rupees.
According to Vineet Mittal, the chairman of Avaada Group, which is supported by Thailand’s largest oil and gas company PTT Pcl, it was also given a grant. According to him, the business received a 9.62 billion rupee production-linked incentive for 3 gigawatts of capacity, which included wafers, cells, and modules. He also claimed the company would think about expanding the project to 5 gigawatts.
India is a desirable market for module manufacturers since it intends to more than quadruple its solar power capacity to 280 gigawatts by 2030. The nation has implemented import taxes to safeguard domestic manufacturers, while it was forced to temporarily remove a significant non-tariff barrier to imports to avoid a halt in project installations.