According to people familiar with the matter, the Indian multinational conglomerate Reliance Industries Ltd. is considering a bid for the incentives of the Indian government to manufacture solar power.
The company’s consideration appears after the fossil-fuels giant started with a $10 billion push into clean energy.
Reliance, which is also India’s most valuable company, had attended a pre-bid meeting in June for the discussion of the subsidy program, as reported by Bloomberg.
In the month of June, Reliance had informed about its plans to build factories for the production of solar components, energy storage batteries, electrolyzers to make green hydrogen and fuel cells.
Narendra Modi-led government has announced financial benefits for manufacturing in sectors such as solar energy and batteries with the purpose that it helps in reviving the economy impacted by the COVID-19 pandemic and to reduce its dependence on imports.
The world’s third-largest greenhouse gases emitter, India, has been planning to expand its renewable power capacity of about five-fold to 450 gigawatts by the end of the decade with a target of reducing dependence on fossil fuels that presently run the country’s economy.
For the target of 2030, solar power will account for almost 62 percent, which means India will require to add about 26 gigawatts of capacity annually for the next nine years.
The Centre is offering ₹45 billion to companies setting up solar manufacturing facilities.
