(MENAFN- KNN India) Amravati, Mar 28 (KNN) Indosol Solar, a subsidiary of transformer maker Shirdi Sai Electricals, has kick-started the production of high-efficiency solar photovoltaic (PV) modules at its new manufacturing facility in Nellore district of Andhra Pradesh.
Indosol Solar is one of the few companies in the country awarded projects under the Production Linked Incentive (PLI) scheme for high-efficiency solar PV modules.
The commencement of operations marks a significant milestone in India's efforts to boost domestic solar manufacturing capabilities under the government's PLI scheme.
Speaking on the occasion, Indosol Solar CEO Sharat Chandra announced, "We are starting the production of 500 MW of solar PV modules from March 31, fulfilling our commitment to the PLI scheme of the Government of India."
The state-of-the-art production line has been established on a 30-acre site allocated in January 2024, with an investment of around Rs 400 crore so far.
Chandra revealed that the first phase of the project, with a capacity of 5 GW, is expected to entail an investment of over Rs 13,000 crore.
Notably, Indosol Solar has secured 10 GW of projects under two tranches, involving PLI incentives worth Rs 5,170 crore.
The PLI scheme for high-efficiency solar PV modules is a crucial component of the government's plans to create a robust ecosystem for manufacturing these modules in India, reducing the country's dependence on imports in the renewable energy sector.
Union Minister for New and Renewable Energy and Power, R.K. Singh, informed the Lok Sabha in December that the manufacturing units sanctioned under the PLI scheme will be eligible for incentives on an annual basis for the manufacture and sale of high-efficiency solar PV modules for five years. From the actual date of commissioning or the scheduled commissioning date, whichever is earlier.
(KNN Bureau)
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