India mulls $1 billion subsidy plan to boost solar manufacturing
solar manufacturing industry, according to people with knowledge of the matter, as part of a wider effort to reduce dependence on China and profit from the global energy transition.
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The proposal is being made by the Ministry of New and Renewable Energy and will target domestic makers of wafers and ingots, one of the weakest segments of the country’s solar industry, according to the people, who asked not to be identified as the discussions are private.
The plan has the backing of the top advisers in Prime Minister Narendra Modi’s office and is expected to be presented to the cabinet for approval in the next few months, they said.
A spokesperson for the Ministry of New and Renewable Energy didn’t immediately respond to a request for comment.
India is heavily reliant on China for imports of solar equipment, a risk to the nation’s energy security. While India has grown its domestic modules and cell making segments, wafers and ingots manufacturing still stands at just 2 gigawatts of capacity, built by Adani Enterprises Ltd. According to BloombergNEF, India has just over 71 gigawatts of modules and nearly 11 gigawatts of cells capacity.
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