JSW Renewable Technologies, a subsidiary of JSW Energy, has been allocated a Performance Linked Incentive (PLI) for manufacturing high-efficiency solar PV modules in India. The PLI is worth around ₹320 crores and is for a manufacturing capacity of 1 GW (Wafer + Cell + Module) under the National Programme on High Efficiency Solar PV Modules. JSW Energy aims to achieve a total capacity of 20 GW by 2030, with a near-term target of 10 GW by 2025. The company currently has a total locked-in capacity of 9.9 GW, with 4.8 GW operational capacity, 3.3 GW under construction or in the pipeline, and 1.75 GW under acquisition. The manufacturing capacity will be used for captive consumption in building renewable energy projects through JSW Neo Energy Limited. The target is to reduce carbon footprint by 50% by 2030 and achieve carbon neutrality by 2050. This PLI allocation to JSW Renewable Technologies Limited is part of the Indian government’s Performance Linked Incentive program, which aims to incentivize solar manufacturing in India. The first tranche of Solar PLI for ₹4,500 crore was approved last year, and the second tranche with an outlay of ₹19,500 crore was approved in September 2022. The Solar Energy Corporation of India (SECI) announced the successful bidders who will receive a total of ₹13,937.575 crore under the second phase of the program. India’s solar module manufacturing capacity is expected to increase by almost 400% by fiscal 2025 compared to fiscal 2021.
JSW Renewable Technologies Limited, a subsidiary of JSW Energy Limited, has received a Performance Linked Incentive (PLI) for the manufacturing of high-efficiency solar PV modules in India. The PLI is worth around ₹320 crores and is for a manufacturing capacity of 1 GW (Wafer + Cell + Module) under the National Programme on High Efficiency Solar PV Modules. JSW Energy aims to achieve a total capacity of 20 GW by 2030, with a near-term target of 10 GW by 2025. Currently, the company has a total locked-in capacity of 9.9 GW, with 4.8 GW operational capacity, 3.3 GW under construction or in the pipeline, and 1.75 GW under acquisition. The manufacturing capacity will be used for captive consumption in building renewable energy projects through JSW Neo Energy Limited. The target is to reduce carbon footprint by 50% by 2030 and achieve carbon neutrality by 2050.
This PLI allocation to JSW Renewable Technologies Limited is part of the Indian government’s Performance Linked Incentive program, which aims to incentivize solar manufacturing in India. The first tranche of Solar PLI for ₹4,500 crore was approved last year, and the second tranche with an outlay of ₹19,500 crore was approved in September 2022. The Solar Energy Corporation of India (SECI) announced the successful bidders who will receive a total of ₹13,937.575 crore under the second phase of the program.
India’s solar module manufacturing capacity is expected to increase by almost 400% by fiscal 2025 compared to fiscal 2021, with 30-35 GW of fresh module capacity to be commissioned following strong demand, favorable policies, likely improvement in energy efficiency, and price competitiveness. A CRISIL Ratings study of the sector forecasts that the government’s initiatives such as the PLI program will help India achieve its target of having 450 GW of renewable energy capacity by 2030.
JSW Renewable Technologies’ PLI allocation is a significant step towards achieving the company’s renewable energy goals and contributing to India’s solar manufacturing capacity. The company plans to use the manufacturing capacity to build renewable energy projects and reduce its carbon footprint.
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