First Solar Receives Grant For 3.4 Gigawatt Project In India: Report

  • The Avaada Group and First Solar Inc FSLR are reportedly among the beneficiaries of India's ~$2.4 billion in incentives to boost domestic manufacturing of solar modules.
  • Sujoy Ghosh, FSLR's India managing director, told Bloomberg by phone that First Solar has been awarded a government grant of 11.78 billion rupees for its 3.4 gigawatt Tamil Nadu project, which will be a fully integrated facility.
  • Avaada Group won a production-linked incentive of 9.62 billion rupees for 3 gigawatts of capacity — from wafers to cells and modules.
  • According to the report, India intends to quadruple its solar generation capacity to 280 gigawatts by 2030, making it an attractive market for module makers.
  • The report further noted that Indosol Solar Pvt. won the maximum incentive of 33 billion rupees, followed by billionaire Mukesh Ambani's Reliance, which won almost 31 billion rupees.
  • Price Action: FSLR shares are trading lower by 0.30% at $209.50 premarket on Tuesday.

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