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72% of India’s Latest ALMM-listed PV Modules Are Optimal

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Report says most solar modules on the Ministry of New and Renewable Energy’s approved list are high-efficiency.

The May 2024 Approved List of Modules and Manufacturers (ALMM) update by the Ministry of New and Renewable Energy (MNRE) revealed a total enlisted capacity of 48.1 GW across 90 manufacturing entities. According to the report published by JMK Research, the majority (approximately 72%) of the 861 photovoltaic (PV)  modules listed in ALMM currently originate from high-efficiency technologies.

The main goal of MNRE in implementing ALMM was to guarantee the quality of solar products used in Indian projects and ensure the reliability of manufacturers. Therefore, according to the experts, promoting the inclusion of some foreign manufacturers in ALMM may foster healthy competition with local counterparts in terms of both price and quality.

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The report has further stated that after experiencing a brief slowdown in enlistments during the previous fiscal year because ALMM was put on hold until March 2024, module enlistments have rapidly rebounded in recent months, demonstrating more than twofold year-on-year growth. 

The current enlistment figure is a big leap from the less than 30 listed modules and manufacturing units with a total capacity of 8.2 GW in March 2021.

The report also includes a distribution survey by technology, size, and the producers in the list. This has revealed that Mono PERC holds the largest share in ALMM, at 49%. Other emerging technologies like n-type TOPCon, Bifacial n-type TOPCon, and Bifacial Mono PERC also make up a notable portion, about 22.5%. Additionally, over half of the modules enlisted in ALMM, around 51%, have a size equal to or greater than 400 Wp.

The four leading PV manufacturers have enlisted approximately 90% or more of their operational capacities in the most recent ALMM list (May 2024). Mundra Solar (a subsidiary of the Adani group) stands at 100%, followed by First Solar, ReNew and Waaree. Waaree tops the list with a registered capacity of 10.775 GW.  

Grew Energy, and First Solar, a US-based manufacturer, were included in ALMM for the first time in April 2024, marking their entry as the latest GW-scale entrants.

The report sees First Solar’s recent inclusion in the ALMM as a major achievement, potentially opening doors for other leading global manufacturers to follow suit. However, it has also highlighted the probability that these manufacturers will need to set up production plants in India as a local subsidiary to join. 

Another option for ALMM participation, currently being explored by Jinko Solar, is forming a joint venture with a local manufacturer and an international supplier.

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