The ministry also stated that the MNRE has circulated to the Department of Financial Services and NBFCs like PFC, REC, and IREDA, the status of present installed domestic manufacturing capacities across various sectors of solar PV manufacturing
New Delhi: Amid significant overcapacity concerns that India is facing, the Ministry of New & renewable Energy (MNRE) on Sunday dismissed the reports of issuing any advisory to lenders to pause fresh financing to renewable energy projects. The ministry, however, called for calibrated and well-informed financing across the solar manufacturing ecosystem to drive sustainable industry growth, reaffirming its commitment to strengthening India’s position in the global solar value chain.
The clarification from the government comes after the media reports, suggesting that the ministry has issued an advisory to lenders to pause fresh financing to renewable energy projects amid significant overcapacity concerns. “No such advisory has been issued to financial institutions for stopping any lending to either renewable energy power projects or renewable energy equipment manufacturing facilities," the ministry said in a statement.
However, the ministry also stated that the MNRE has circulated to the Department of Financial Services and NBFCs like PFC, REC, and IREDA, the status of present installed domestic manufacturing capacities across various sectors of solar PV manufacturing so that the financial institutions can adopt a calibrated and well-informed approach while evaluating proposals for financing any manufacturing facility in the solar PV manufacturing sector.
“The government is committed to making India self-reliant in solar PV manufacturing and establishing the country as a major player in the global value chain. This commitment is supported through a comprehensive set of initiatives, including the PLI scheme for high-efficiency solar PV modules and measures to provide a level-playing field for Indian manufacturers,” it said.
The ministry further said that the catalytic effect of these interventions has resulted in an expansion in solar module manufacturing capacity, from just 2.3 GW in 2014 to around 122 GW listed in MNRE’s approved list of models and manufacturers (ALMM) today. “The ministry will continue engaging with stakeholders to ensure India's solar journey remains inclusive, competitive, and future-ready,” it stated.
