The PM Surya Ghar free electricity scheme has resulted in an increase in jobs! A million individuals will receive training to install solar panels in homes.
The central government’s rooftop solar subsidy scheme for homes could present a business opportunity of more than $1 billion for Tata Power, company managing director Praveer Sinha said. Sinha said this opportunity will emerge in the coming three years, as the company looks to capture one-fifth of the domestic market for solar modules.
The PM Surya Ghar Free Electricity Scheme, established this February, seeks to provide subsidy for rooftop solar installation to 10 million households. Sinha believes the scheme could generate demand for 25-30 GW of solar modules during its duration. He said, Tata Power wants to meet 5-6 GW of this demand.
According to Sinha, at an estimated price of 20 cents per watt, this could translate into a business opportunity worth $1-1.2 billion (₹8,350-10,000 crore).
Sinha, who says Tata Power has 13% share in the domestic solar module market, is looking to increase its share to 20% on the back of its new solar cell and module manufacturing unit in Tamil Nadu. Set up at an investment of ₹3,000 crore, the Tirunelveli-based facility can manufacture 4 GW of solar cells and modules every year.
Impact of new manufacturing plant
This year, the manufacturing facility will be completely operational. Sinha said, the module (manufacturing unit) will be fully operational (throughout the year), while the cell will be operational for about 9 months.
The new manufacturing unit will also benefit the company in the rooftop solar scheme, as the scheme mandates the use of domestically manufactured solar cells and modules.
