First Solar Among Winners of India's $2.4 Billion Green Stimulus

Mar 28, 2023 11:25 AM ET
  • United States company receives give for 3.4 gigawatt Tamil Nadu project
  • Avaada is likewise one of the receivers of output-linked funds

First Solar Inc. and also Avaada Group are amongst winners of India's 195 billion rupees ($2.4 billion) in rewards to motivate domestic manufacturing of solar modules.

Tempe, Arizona-based First Solar won a federal government grant of 11.78 billion rupees for its planned 3.4 gigawatt Tamil Nadu plant, which will certainly be a fully integrated center, Sujoy Ghosh, the business's India taking care of director, said by phone.

Avaada Group, backed by Thailand's oil and also gas significant PTT Pcl, was additionally granted a give, according to its chairman, Vineet Mittal. The business won a production-linked reward of 9.62 billion rupees for 3 gigawatts of ability-- from wafers to cells and modules, he claimed, adding the company would certainly think about broadening the project to 5 gigawatts.

India intends to more than quadruple its solar generation ability to 280 gigawatts by 2030, making it an attractive market for module makers. The nation has imposed import taxes to secure neighborhood manufacturers, although it has actually had to relax a key non-tariff barrier to imports temporarily to avoid a downturn in project installments.

Dependence Industries Ltd., Tata Power Co. as well as ReNew Energy Global Plc were among other bidders last month for the government aid. There's no main details yet on other winners.

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