Summary:
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**1. Policy Objective & Background**
– **Purpose:** Implementation of the Approved List of Models and Manufacturers (ALMM) for Solar PV Cells, mandating the use of approved domestic cell models in government projects/schemes.
– **Legal Framework:** Enforced under the ALMM Order (02.01.2019) and subsequent amendments, particularly the O.M. dated 09.12.2024 extending ALMM to Solar PV Cells.
– **Governing Body:** Ministry of New & Renewable Energy (MNRE), Grid Solar Power Division.
– **Effective Date of Original List:** 31st July 2025 (First version of ALMM List-II issued).
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**2. Cumulative Capacity Enlisted (As of 13th February 2026)**
| **Revision Date** | **New Additions (MW)** | **Key Manufacturers Added** | **Cumulative Capacity (Approx.)** |
|—|—|—|—|
| 31.07.2025 (Original) | — | Initial enlisted manufacturers | — |
| 23.09.2025 (1st Rev.) | 4,813 | TP Solar, Tata Power Renewable Energy | ~4,813 MW |
| 24.11.2025 (2nd Rev.) | 602 | Websol Energy System | ~5,415 MW |
| 15.12.2025 (3rd Rev.) | 5,251 | Waaree Energies | ~10,666 MW |
| 05.02.2026 (4th Rev.) | 4,910 | Evervolt, Mundra Solar, Premier Energies, FS India | ~15,576 MW |
| 13.02.2026 (5th Rev.) | 437 | Fujiyama Power Systems | **~16,013 MW** |
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**3. Detailed Revision-Wise Business Highlights**
**A. 1st Revision (23.09.2025) – Market Entry of Major Players**
– **New Entrants:** TP Solar Ltd. (4,480 MW) and Tata Power Renewable Energy Ltd. (280 MW).
– **Technology Mix:** Introduction of both Mono PERC and TOPCon bifacial cells.
– **Efficiency Benchmarks:** TP Solar cells achieved up to 23.70% efficiency (PERC) and TOPCon models with 23.30% avg. efficiency.
– **Business Impact:** Marked the entry of large-scale manufacturing with TP Solar’s 4.48 GW capacity, signaling robust domestic manufacturing scale-up.
**B. 2nd Revision (24.11.2025) – Eastern India Entry**
– **New Entrant:** Websol Energy System Ltd. (602 MW) from West Bengal.
– **Technology:** Mono PERC Bifacial (P-Type) with 1 OBB technology.
– **Efficiency Range:** 19.00% to 23.60% (Avg. 23.16%).
– **Significance:** Diversified manufacturing geography to Eastern India.
**C. 3rd Revision (15.12.2025) – Waaree’s Mega Entry**
– **New Entrant:** Waaree Energies Ltd. (5,251 MW) – Gujarat facility.
– **Dual Technology:**
– Mono PERC (P-Type): 1,328 MW (Avg. efficiency 23.55%)
– Mono TOPCon (N-Type): 3,923 MW (Avg. efficiency 25.54%)
– **Key Takeaway:** Waaree’s addition alone increased total enlisted capacity by ~50%, demonstrating aggressive capacity addition by top developers.
**D. 4th Revision (05.02.2026) – Technology Diversification**
– **New Entrants/Additions:**
– **Evervolt Solar Technology:** 1,074 MW (PERC Bifacial) – New manufacturer.
– **Mundra Solar PV Ltd.:** 2,298 MW (TOPCon N-Type) – Model addition.
– **Premier Energies:** 1,358 MW (TOPCon) – Model addition.
– **FS India Solar Ventures:** 180 MW – New entrant.
– **Technology Trend:** Shift toward high-efficiency TOPCon cells (up to 26% efficiency).
– **Note:** Capacity listed supersedes previous entries; not cumulative.
**E. 5th Revision (13.02.2026) – New Niche Player**
– **New Entrant:** Fujiyama Power Systems Ltd. (437 MW) – Uttar Pradesh.
– **Technology:** Bifacial Mono PERC (182.2mm, 10BB).
– **Efficiency:** Avg. 23.41% (Range: 22.60%–23.60%).
– **Validity:** 13.02.2026 to 12.02.2030.
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**4. Key Business Insights**
– **Rapid Capacity Build-up:** India’s ALMM-enlisted solar PV cell manufacturing capacity crossed **16 GW** within seven months of the list’s inception (July 2025 – Feb 2026).
– **Technology Shift:** While initial revisions focused on Mono PERC, later revisions (post-Dec 2025) show a clear shift toward **TOPCon N-Type cells**, which offer higher efficiency (up to 26%).
– **Geographic Spread:** Manufacturing facilities are now spread across **Uttar Pradesh, Gujarat, Tamil Nadu, Telangana, Andhra Pradesh, West Bengal, and Karnataka**, reducing regional concentration.
– **Market Leaders:** TP Solar (4.48 GW), Waaree (5.25 GW), and Mundra Solar (2.3 GW) emerged as the top enlisted manufacturers by capacity.
– **Policy Impact:** The ALMM mandate has successfully catalyzed domestic cell manufacturing, ensuring that only approved models (with verified efficiency and quality) are eligible for government projects.
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**5. Strategic Implications for Stakeholders**
| **Stakeholder** | **Implication** |
|—|—|
| **Project Developers** | Must source PV cells only from ALMM List-II manufacturers for government projects; supply chain planning must align with enlisted capacities. |
| **Cell Manufacturers** | Enlistment is essential for market access; technology upgrades to TOPCon are becoming a competitive differentiator. |
| **Investors** | The rapid capacity addition signals strong investor confidence in India’s solar manufacturing ecosystem. |
| **Policy Makers** | ALMM List-II is effectively driving quality and domestic content, supporting the Atmanirbhar Bharat (Self-Reliant India) initiative. |
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