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.