india

The Indian government’s budget announcement on Monday (1 February) is set to be a “game-changer” for domestic manufacturing following the imposition of a Basic Customs Duty (BCD) of 25% on solar PV cells and of 40% on solar PV modules from April this year.

The State Bank of India (SBI) has partnered with Tata Power Solar Systems to establish a financing agency for commercial and residential solar projects up to 1MW.

India's government is to provide a further Rs19,500 crore (US$2.6 billion) of funding for its PV manufacturing Production Linked Incentive (PLI) scheme, with the country intent on spurring further development of a domestic solar manufacturing base.

Indian independent power producer (IPP) ReNew Power has sold its 117MW rooftop solar portfolio as part of a strategy to heighten its focus on utility-scale PV.  

Indian PV encapsulant and backsheet manufacturer RenewSys has brought its encapsulant production capacity up to 3GW with the commissioning of a new line in Bengaluru, India, with the company eventually targeting 11GW of capacity through a “phased manner”.

India is at risk of a supply and demand mismatch for solar equipment if domestic PV manufacturers are unable to meet the quantity and quality required by project developers, Fitch Solutions has warned.

Reliance Industries has signed a Memorandum of Understanding (MoU) with the government of Gujarat for a total investment of INR5.955 lakh crore (US$80 billion) over 10-15 years to establish 100GW of renewables and set up green technology manufacturing facilities in the state.

Indian renewables company ReNew Energy Global Plc’s wholly owned subsidiary India Clean Energy Holdings has raised US$400 million through a green bond sale that will be used to support the company’s growth strategy and “refinance existing high-cost debt”.

Indian conglomerate Adani Group has set up a new subsidiary focused on areas including manufacturing solar equipment and producing green hydrogen.

India’s state-owned National Hydroelectric Power Corporation (NHPC) has signed an agreement with the Green Energy Development Corporation of Odisha Ltd (GEDCOL) for the development of 500MW of floating solar projects in the eastern state of Odisha.