We believe that the profits earned by solar module manufacturers will enable them to invest in backward integration, contributing to India’s clean energy security. The incentives and higher profitability will create incentives to backward integrate and create a manufacturing base in long run is the expectation of GOI policies.
Several independent power producers (IPPs), such as Tata Power, Adani Green, and ReNew Power, have already backward integrated into the manufacturing of modules, cells, and wafers, strengthening their supply chains and reducing dependency on external sources. Conversely, some IPPs like JSW Energy have opted to withdraw from module manufacturing, because of lower expected IRRs.
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