MNRE has distributed the status of current installed domestic manufacturing capacity in various sectors of solar PV manufacturing, including solar panels and upstream stages such as solar cells, billets-wafers, polysilicon and ancillary equipment such as solar glass and aluminum frames, under the Ministry of Financial Services and NBFCs such as PFC, REC and IREDA.
This will help financial institutions take a calibrated and informed approach in evaluating proposals to finance any manufacturing facility in the solar PV manufacturing sector and explore and expand their solar PV manufacturing portfolio into upstream stages such as solar cells, billet wafers and polysilicon, it added.
It will also help better evaluate loan applications for solar panel accessories such as solar glass and aluminum frames, etc., rather than being limited to financing solar PV module manufacturing facilities alone.
The MNRE has not issued any advice to financial institutions on discontinuing lending to renewable energy projects or to renewable energy equipment manufacturing facilities, the ministry said.
The government aims to make India self-reliant in solar energy production and make the country a major player in the global value chain.
This commitment is supported by a comprehensive range of initiatives, including the PLI program for high-efficiency solar PV modules and measures to provide a level playing field for the Indian manufacturers.
The catalytic effect of these interventions has resulted in an expansion of solar panel manufacturing capacity from just 2.3 gigawatts (GW) in 2014 to approximately 122 GW currently included in MNRE’s Approved Models and Manufacturers List (ALMM).
This expansion underlines the success of India’s solar energy production through the collective efforts of the industry, various state governments and the Indian government, while reinforcing India’s commitment to achieve 500 GW of non-fossil fuel capacity by 2030 and meaningfully contribute to the global decarbonization effort.
The MNRE remains committed to further strengthening the solar energy production ecosystem through continued policy support, infrastructure development and innovation. The ministry will continue to work with stakeholders to ensure that India’s solar energy journey remains inclusive, competitive and future-proof.
Published on December 7, 2025
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