Jindal, Shirdi Sai, and Reliance win IREDA’s solar module manufacturing PLI auction

Under the production-linked incentive (PLI) programme, the Indian Renewable Energy Development Agency (IREDA) has released the list of winning bidders for putting up manufacturing capabilities for a minimum of 10 GW of vertically-integrated high-efficiency solar modules. The PLI of Rs 44.50 billion has been announced by IREDA for a total capacity of 10,483 MW. For a capacity of 4 GW each, Jindal India Solar Energy was given a PLI of Rs 13.90 billion and Shirdi Sai Electricals was awarded a PLI of Rs 18.75 billion. For a capacity of 2,483 MW, Reliance New Energy Solar was awarded a PLI of Rs 11.90 billion.

The manufacturing capacity and PLI were assigned to qualifying applicants via a bucket filling procedure, with the overall PLI ceiling of Rs 45 billion and the PLI requested by bidders taken into account. The waiting list of beneficiaries was also announced by IREDA.

In October 2021, the IREDA granted Vector Green Energy, a Mumbai-based independent power producer concentrating on solar and wind energy, a Rs 11 billion credit. Out of the Rs 13.82 billion released, Vector Green’s six operational solar projects will receive roughly Rs 11 billion. Vector Green raised the debt using a one-of-a-kind financing structure with favourable terms, which resulted in an upgrade of the company’s credit rating from A to AA. Vector Green’s whole operating portfolio is now rated AAA or AA on a non-recourse basis as a result of this.