New Delhi, Dec 07: The Union Ministry of New and Renewable Energy (MNRE) in India clarified that it has not issued any advisory to halt financing for renewable energy projects, countering reports in some media outlets.
Instead, MNRE has shared information with financial institutions regarding the current domestic manufacturing capacities in various segments of solar photovoltaic (PV) manufacturing, including solar modules, cells, ingots, wafers, polysilicon, and related equipment.
This initiative aims to enable a well-informed approach for financial institutions when considering funding for solar PV manufacturing projects and to encourage diversification into upstream segments.
The government remains committed to enhancing India’s self-reliance in solar PV manufacturing and positioning the country as a significant player in the global solar supply chain.
This commitment is evidenced by various initiatives, including the Production Linked Incentive (PLI) Scheme for High Efficiency Solar PV Modules, which supports Indian manufacturers.
The manufacturing capacity for solar modules has expanded dramatically from 2.3 GW in 2014 to approximately 122 GW as noted in MNRE’s Approved List of Models and Manufacturers (ALMM).
These efforts illustrate the success of India’s solar manufacturing endeavors, achieved through collaboration among the industry, state governments, and the central government, while also reinforcing India’s target of 500 GW of non-fossil energy capacity by 2030 and contributing significantly to global decarbonization initiatives.
The MNRE continues to enhance the solar manufacturing landscape through sustained policy support, infrastructure enhancements, and innovation engagement with stakeholders, ensuring that India’s solar energy ambitions are inclusive, competitive, and prepared for future demands.
As of October 31, India has reached 50% of its installed electricity capacity from non-fossil sources, achieving this milestone five years ahead of its Paris Agreement targets, with a current total of about 259 GW.
