Proposed govt norms for solar cells will boost domestic manufacturing: Waaree Energies CEO Paithankar

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The proposed Approved List of Models and Manufacturers (ALMM) for solar cells in India is expected to have a positive impact on the manufacturing of cells in the country, Amit Paithankar, CEO of Waaree Energies, told Moneycontrol in an interview last week.

Waaree Energies is India's largest solar panel maker, with an aggregate installed capacity of 12 GW.

ALMM, which is currently limited to solar modules, is a list of models and manufacturers of solar photovoltaic (PV) modules approved by the Ministry of New and Renewable Energy (MNRE).

Paithankar advocated for launching ALMM for solar cells at the earliest, saying, similar to solar modules, it would help in developing the cell manufacturing ecosystem in the country. The MNRE has notified draft norms for ALMM for solar cells, which is proposed to be effective from April 2026.

“About a year ago, the total module manufacturing capacity was hardly 15-17 GW (gigawatts). Last year, we have seen that jump to beyond 54 GW. So, it has been an exponential rise in module manufacturing in the country. We believe that an ALMM for cells is going to have a positive effect on the indigenisation of the solar supply chain,” said Paithankar.

“We actively encourage the move and argue that the earlier, the better. The faster we bring in ALMM for cells, the better it will be for India and the Indian solar industry as a whole,” he added.

Expansion plans

Waaree Energies plans to add 6 GW of additional capacity for wafer cells as well as modules. Paithankar, however, did not mention the timeline for adding the capacity as the company is awaiting approval from the market regulator for its IPO.

On September 23, Waaree Energies received approval from the capital markets regulator SEBI to raise funds via initial public offering.

The company filed its draft IPO papers on December 29 but had not received the Securites and Exhange Board of India (Sebi) approval until today due to concerns about non-compliance with the Companies Act, which limits unlisted companies from selling shares to more than 200 people without a public offer.

Waaree Energies is also looking at overseas expansion. “Outside of India, we have got 3GW of module manufacturing capacity in the US. We plan to expand this to 5GW. We are actively considering to put a solar cell manufacturing facility in the US as well,” said Paithankar.

PM Surya Ghar Yojana

Regarding the rooftop solar scheme launched by the government to boost solar energy penetration in the country, Paithankar said that engineers and skilled workmen required to install the solar panels for large-scale coverage in the country would be a challenge.

“It is a challenge and opportunity rolled into one. It's a challenge because of the sheer scale, and an opportunity because you can teach people how to put up a solar panel. It creates employment and skills. It has massive multiplier effect associated with it,” he said.

Launched in February, the PM Solar Scheme or PM Surya Ghar: Muft Bijli Yojana aims to install rooftop solar panels in 1 crore houses in India. The government announced an investment of over Rs 75,000 crore, which would provide up to 300 units of free electricity every month.

Paithankar believes that the large-scale coverage of the scheme in the country would require sustained effort for a long time.

“At the grass roots level, a number of people could get power at really low cost, not because of subsidies but because there is power generation at their roofs. So many households, almost 1.4 crore families, have already shown interest in the scheme. However, large-scale coverage of the country is going to take time. It is going to take a sustained effort of half a decade or so,” he said.

Under the scheme, the minimum subsidy for anyone installing a 1-kW rooftop solar system would be Rs 30,000, while for those installing a 2-kW system, the subsidy would be Rs 60,000.