India's Solar Manufacturing Capacity Explodes to 122 GW

India's solar photovoltaic (PV) manufacturing sector has witnessed unprecedented growth, with installed capacity soaring to approximately 122 GW. This significant expansion, up from a mere 2.3 GW in 2014, underscores the nation's commitment to becoming self-reliant in solar technology. The Ministry of New & Renewable Energy (MNRE) is actively supporting this growth by sharing crucial manufacturing capacity data with financial entities.

To facilitate informed decision-making for lending institutions, MNRE has provided financial ministries and NBFCs like PFC, REC, and IREDA with the status of domestic manufacturing capacities across the entire solar PV value chain. This includes upstream stages like ingots-wafers and polysilicon, as well as solar cells, modules, and ancillaries such as solar glass and aluminum frames.

This initiative aims to enable financial institutions to adopt a calibrated approach when evaluating loan applications for solar manufacturing facilities, encouraging a broader portfolio beyond just module assembly. These efforts align with India's ambitious target of achieving 500 GW of non-fossil fuel capacity by 2030 and reinforcing its role in global decarbonization.