First Solar, Reliance, Avaada Group among winners of $2.4 bn green aid
Reliance Industries Ltd., First Solar Inc. and Avaada Group are among winners of India’s $2.4 billion incentives plan to encourage domestic manufacturing of solar modules.
The government said it allocated total capacity of 39.6 gigawatts of annual production to 11 companies under the program. India will give out 139.4 billion rupees to boost local module output, state-run Solar Energy Corp. of India said in a note on its website, indicating there were not enough bidders for all of the 195 billion rupees ($2.4 billion) on offer.
India plans to more than quadruple its solar generation capacity to 280 gigawatts by 2030, making it an attractive market for module makers.
