New Delhi: Ahmedabad-based Grew Energy, which has won an allocation of 2,000 MW capacity under the Solar Production Linked Incentive (PLI) scheme, is hopeful it will be able to achieve the targeted capacity addition before time.
“Our selection and allocation of funds and manufacturing capacity under Tranche II of PLI scheme will accelerate our plans and we will be able to achieve our targets sooner,” said Vinay Thadani, Director – Grew Energy.
The government has allocated domestic Solar PV module manufacturing capacity of 39,600 MW to 11 companies including Grew Energy, a venture of Chiripal Group. The Tranche-II of the PLI scheme for High Efficiency Solar PV Modules has a total outlay of Rs 13,937.575 crore.
Of the 11 companies selected, Grew Energy is the only successful bidder from Gujarat under the W+C+M category of PLI Scheme, Tranche II. Under Basket II, Grew will receive allocation of Rs 566.71 crore and a manufacturing capacity of 2000 MW.
Selection of beneficiaries of the PLI Scheme is done through a transparent selection process. Its parameters include extend of integration, manufacturing capacity, trajectories of module performance and local value addition (LVA), highest efficiency committed, bid capacity, production plans, proposed investment.
Disbursement of PLI will be made on annual basis on sales of high efficiency solar PV modules for five years from commissioning or five years from scheduled commissioning date, whichever is earlier.
The scheme was launched to give a boost to domestic manufacturing sector. It aims to reduce the country’s dependence on exports and transform it into a global manufacturing hub. The scheme is expected to encourage domestic manufacturing of high efficiency PV Modules and boost exports by providing financial incentives to companies.
Thadani said manufacturing capacity totaling 7,400 MW is expected to become operational by October 2024, 16,800 MW capacity by April 2025 and the balance 15,400 MW capacity by April 2026, and, therefore, the next three years will be crucial for Indian manufacturing sector for renewables.
He added that Grew will utilize these funds in renewable energy field to support and achieve India’s goal of renewable energy conservation, growth and its effective yield, by supplying and manufacturing quality enriched and finest solar components and being competitive global player.
Tranche-II of the PLI scheme is expected to bring in investment of Rs. 93041 crores and generate over one lakh direct and indirect jobs.