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Home › Renewable energy ›Waaree, Avaada, ReNew among the 11 Companies to Get INR 14000 Crore Incentive under PLI Tranche-II

Waaree, Avaada, ReNew among the 11 Companies to Get INR 14000 Crore Incentive under PLI Tranche-II

In a bid to promote solar energy and combat climate change, the government has introduced the PLI scheme to bolster domestic solar module manufacturing.

March 30, 2023. By Anurima Mondal

The government had allocated 39,600 MW of domestic solar PV module manufacturing capacity, with a INR 14,007 crore outlay, to 11 companies.

A total 15,400 MW capacity was awarded under tranche-II in the polysilicone, wafers, cells, and modules basket of which, 6,000 MW was awarded to Indosol Solar, 6,000 MW to Reliance New Solar Energy, and 3,400 MW to First Solar India Solar Ventures.

Meanwhile, a total of 16, 800 MW capacity was awarded in the wafers, cells, and modules basket of which 6,000 MW was awarded to Waaree Energies, 3,000 MW to Avaada Ventures, 4,800 MW to ReNew Solar (Shakti Four), 1,000 MW to JSW Renewable Technologies, and 2,000 MW to Grew Energy.

Speaking on the latest development, Vineet Mittal, Chairman, Avaada Group, said, “The PLI scheme will give a much-needed impetus to India's solar module manufacturing sector. With the allocation of 3000 MW by MNRE, Avaada Group will play a pivotal role in India’s Green energy transition. This initiative will foster energy security, economic growth, and a cleaner environment. The participation of leading solar modules manufacturers showcases the enormous potential of the PLI scheme in revolutionizing India's renewable energy landscape.’’

Under the cells and modules basket, 7,400 MW of total capacity was awarded, of which Vikram Solar was awarded 2,400 MW of manufacturing capacity, 1,000 MW was awarded to AMPIN Solar One and 4,000 MW was awarded to Tata Power Solar.

The government announced that tranche-II is expected to bring in an investment of INR 93,041 crore, and 7400 MW of manufacturing capacity is expected to become operational by October 2024, 16,800 MW by April 2025 and the balance 15,400 MW by April 2026.

Anticipated to generate employment opportunities with a total of 1,01,487 jobs with 35,010 getting direct employment and 66,477 being indirectly employed, this strategic investment will contribute to India’s objective of achieving 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.

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Reliance New Solar Energy