Summary:
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## Key Business Takeaways
### 1. Regulatory Mandate & Scope
– **ALMM List-II** specifically covers **Solar PV Cells** (unlike List-I for modules).
– Compliance is **mandatory** for all government-backed solar schemes, including projects under CPSU, SECI, NTPC, and state tenders.
– Non-approved cells cannot be used in such projects, creating a **regulatory moat** for listed manufacturers.
### 2. Recent Revisions & Validities
| Revision Date | Key Action |
|—————|————-|
| 31 July 2025 | First version published |
| 23 Sep 2025 | 1st Revision |
| 24 Nov 2025 | 2nd Revision (Websol entry) |
| 5 Feb 2026 | 4th Revision (Evervolt, Mundra, Premier entries) |
| 13 Apr 2026 | 6th Revision (Reliance, Jupiter, Websol expansion) |
> *Note:* The document shows the 3rd and 4th revisions out of order; the 6th revision is the most current as of the latest page.
### 3. Newly Approved Manufacturers (April 2026 – Most Recent)
| Manufacturer | Capacity (MW/yr) | Cell Type | Avg Efficiency | Validity |
|————–|—————-|———–|—————-|———–|
| **Reliance New Energy** (Gujarat) | 1,238 | HJT (210mm, busbar-less) | 25.40% | Apr 2026 – Apr 2030 |
| **Jupiter Solartech** (Himachal) | 991 | Mono PERC Bifacial (182.2×183.75mm) | 23.70% | Apr 2026 – Apr 2030 |
| **Websol Energy** (WB – capacity add) | 1,202 | Mono PERC Bifacial | 23.55% | Nov 2025 – Nov 2029 |
### 4. Previously Approved Major Players (Feb 2026)
– **Mundra Solar (Adani)** – N-Type TOPCon, 2298 MW, 25.35% efficiency
– **Premier Energies** – N-Type TOPCon, 1358 MW, 25.37% efficiency
– **Evervolt Solar** – Bifacial PERC, 1074 MW, 23.10% efficiency
– **Fujiyama Power** – Bifacial PERC, 437 MW, 23.41% efficiency
### 5. Special Note – FS India Solar Ventures
– Enlisted without a specific cell model, as per **para 9 of OM dated 09.12.2024**.
– Deemed eligible because it is already in ALMM List-I (modules) – a **fast-track route**.
### 6. Technology Trends Observed
– **Dominant technologies**: Bifacial Mono PERC (P-type) and N-Type TOPCon.
– **Emerging high-efficiency**: HJT (Heterojunction) from Reliance – 25.4% average, up to 25.6%.
– **Cell sizes**: Mostly M10 (182mm family) and G12R (182.3×210mm).
– **PID-free** claimed by all new entrants.
### 7. Validity Period
– Standard validity: **4 years** from date of inclusion.
– Example: Reliance (13 Apr 2026 – 12 Apr 2030).
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## Strategic Business Implications
### For Solar Project Developers / EPC Companies
– **Must source cells only from ALMM List-II** for government projects.
– Check both **manufacturer name** and **specific model number** – not all models of a manufacturer are approved.
– Efficiency ranges vary (e.g., 20–23.8% for Jupiter) – affects project yield calculations.
### For Solar Cell Manufacturers (Indian & Foreign)
– Inclusion in ALMM List-II is a **licence to sell** into India’s regulated solar market.
– **Capacity expansion** (e.g., Websol from 602 MW to 1202 MW) is trackable via revisions.
– New entrants must apply through MNRE guidelines; processing time appears to be several months.
### For Investors & Analysts
– The list shows **rapid capacity build-up**: Reliance (1238 MW), Mundra (2298 MW), Premier (1358 MW) – all recent.
– **N-Type TOPCon and HJT** are the future-proof technologies receiving approvals.
– **P-Type PERC** still widely approved but with lower efficiency ceilings (~23.8%).
### Risk & Compliance Note
– Using a non-approved cell even in an otherwise approved module could lead to **project disqualification**.
– Always cross-verify the **latest revision** – older OMs are superseded.
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