For a country that is the third-largest carbon emitter in the world, India has made great strides in energy transition in recent years, propelled by large-scale additions to its solar and wind-energy capacity. However, domestic manufacturing of solar photovoltaic (PV) cells and modules has not been able to keep pace with the jump in capacity. In a bid to achieve the country’s renewable-energy target of 175 gigawatts (GW) by 2022, finance