Que: Grew Energy Pvt. Ltd. was successful in its bid under the second tranche of the PLIscheme for solar modules. Can you explain what PLI (Production-Linked Incentive)allocation is andhowitworks?

Ans: Grew Energy Pvt. Ltd. is coming up with module manufacturing facilities at Jaipur in Rajasthan and Dholera in Gujarat. In September 2022, Government of India announced new opportunities for solar industry through PLI scheme, which involves a total outlay of INR 19,500 crores over five years and aiming to promote manufacturing of high efficiency PV modules in India thereby reducing the dependence on import for renewable energy.

Grew Energy Pvt. Ltd. was one of the successful bidders under the W+C+M category of PLI Scheme (Tranche II), receiving an allocation of INR. 566.71 crores.

The beneficiaries of the PLI Scheme are selected through a transparent selection process. The parameters includeextent of integration, manufacturing capacity, trajectories of module performance and local value addition (LVA), highest efficiency committed, bid capacity, production plans, proposed investment and many more. The disbursement of PLI will be made on annual basis on sales of high efficiency solar PV modules for 5 years from commissioning or 5 years from scheduled commissioning date, whichever is earlier.

Que: How will Grew Energy benefit from the PLI scheme and what advantages will it offer over competitors?

Ans: The Production Linked Incentive (PLI)scheme was launched to boost the domestic manufacturing sector.It is a cornerstone of ‘Make in India’ campaign which not only aims to reduce India’s dependence on exports but transform into a global manufacturing hub.

This scheme will encourage the domestic manufacturing of high efficiency PV modules as well as boost its export by providing financial incentives to companies.

Grew Energy being a successful bidder of the PLI Scheme will be ableto unsheathe numerous benefits,which includes but not limited to;

 Ease in brand building;
 Flexibility in saleof products on better,competitive prices;
 Confiding trust of Overseas customers;
 Increased effort to maintain momentum in PV market growth.

Overall, we believe that, the PLI Scheme being a stepping stone towards building a sustainable future for the country and the world.As a company dedicated to promoting renewable energy, we plan to leverage this program in order to further enhance our solar production capabilities.

Que: How does Grew Energy plan to utilise the funds received through the PLI scheme?

Ans: China is recognised as the undisputable global leader in renewable energy expansion, adding new projects to the grid almost as fast as the rest of the world combined. It is building renewables at a staggering rate. The main factors behind its success are abundant experience and advanced technology.

In order to bestow a healthy and fierce competition in the renewable energy market, India is also effectively implementing and emerging as the key player. In continuation of this, we as Grew Energy Pvt. Ltd., positively intend to become the largest domestic and outbound contributor, making this objective more effective. We will utilise these funds in renewable energy field for supporting and achieving the nationwide goal of renewable energy conservation, growth and effective yield of the same, by supplying and manufacturingquality enriched solar components and being competitive global player.

Que: What do you think are the growth drivers of the solar energy sector in India?

Ans: Improvement in energy efficiency played a vital role in balancing India’s energy supply and demand. Major growth driver of solar energy sector in India are:

 Governmental policies, which significantly influence the growth of solar energy sector in India, resulted into increase in investments in renewable energy;
 Widely adopted greener method of power generation;
 Increase in demand of energy at domestic level and participation of local people;
 Surge in manufacturing of solar modules as well as other solar components;
 Lesser dependence on imports.