Being under the Approved List of Models and Manufacturers (ALMM) not only enhances the quality and reliability of solar modules and cells but also supports broader economic and environmental objectives, making it a pivotal element in advancing the solar energy sector.
Only the solar models and manufacturers included in ALMM List-I are eligible for use in Government Projects/ Government assisted Projects/ Projects under Government Schemes & Programmes/ Open Access / Net-Metering Projects, installed in the country, including Projects set up for sale of electricity to Government under the Guidelines issued by Central Government under section 63 of Electricity Act, 2003 and amendment thereof.
While there are no direct tax exemptions for solar modules themselves, the Union Budget has introduced exemptions on basic customs duties for specified machinery and equipment used in the manufacture of solar cells and modules. This aims to lower production costs for domestic manufacturers.
Listed below are some of the solar module and cell manufacturing companies that are enlisted under the Approved List of Models and Manufacturers (ALMM).
Waaree Energies Limited is the largest solar PV modules manufacturer in India. It has a wide product portfolio of solar energy products that consists of Multicrystalline modules Monocrystalline modules and TopCon modules include flexible bifacial modules as well as building-integrated photovoltaic (BIPV) modules.
With a market capitalization of Rs. 80,438 Crores, the shares of Waaree Energies Limited were trading at Rs. 2,810.40 per equity share, down 0.35 percent from its previous day’s close price of Rs. 2,820.25.
As of Q2FY24, Waaree Energies Limited is the largest manufacturer of solar PV modules with the largest aggregate installed capacity of 13.3 GW and a market share of 17 percent share in India in terms of annual installed capacity. It has four solar module manufacturing facilities in India, with an international presence.
Solex Energy Limited is engaged in the manufacturing of solar photovoltaic modules and providing turnkey solar solutions across different segments, such as solar power plants, solar water pumps, utility-scale ground-mounted solar power plants, and many others.
With a market capitalization of Rs. 1,450 Crores, the shares of Solex Energy Limited were trading at Rs. 1,342 per equity share, down 3.72 percent from its previous day’s close price of Rs. 1,394.10.
Solex Energy Limited has announced investments exceeding Rs. 8,000 Crores as part of its Vision 2030 strategy for advancing towards solar technology and scaling operations, positioning the company as a fully integrated solar player.
As part of this ambitious plan, Solex is exploring the development of a new cell manufacturing facility with an initial capacity of 2 GW, with a scaling capacity of up to 5 GW. Its module manufacturing capacity will also be increased from 1.5 GW to 15 GW. It also aims to expand its workforce to over 25,000 to support this growth.
Premier Energies
Premier Energies Limited is an integrated player in the solar ecosystem that manufactures and supplies integrated solar cells and solar panels. Its product portfolio includes Cell, Solar Module, Monofacial and Bifacial, modules, EPC Solutions, and O&M Solutions.
With a market capitalization of Rs. 59,952 Crores, the shares of Premier Energies Limited were trading at Rs. 1,330 per equity share, up 0.38 percent from its previous day’s close price of Rs. 1,324.95.
Premier Energies Limited is India’s 2nd largest Solar Cell Manufacturer with a market share of 25 percent and an Installed capacity of 2GW. It is also India’s 4th largest Solar Module manufacturer with a market share of 6 percent and an annual installed capacity of 4.13 GW.
Tata Power Company
Tata Power Company Limited is India’s largest vertically integrated power company, primarily involved in the business of generation, transmission, and distribution of electricity, manufacturing solar roofs, developing EV charging stations, and many More.
With a market capitalization of Rs. 1,25,146 Crores, the shares of Tata Power Company Limited were trading at Rs. 391.65 per equity share, down 1.26 percent from its previous day’s close price of Rs. 396.65.
As of FY24 Tata Power Solar is India’s 3rd largest Solar Module manufacturer, with a market share of 7 percent and an annual installed capacity of 4.97 GW. It is also India’s 5th largest solar cell manufacturer with a 6 percent market share and an installed capacity of 0.53 GW.
Adani Enterprises
Adani Enterprises Limited is a holding company operating across various businesses like resource management, FMCG, Power, airports, data centers, and many more through its Joint Ventures/subsidiaries/associates.
With a market capitalization of Rs. 2,91,355 Crores, the shares of Adani Enterprises Limited were trading at Rs. xx per equity share, down 1.58 percent from its previous day’s close price of Rs. 2,564.55.
Mundra Solar PV Limited subsidiary of Adani Enterprises Limited is India’s largest solar cell manufacturer with a market share of 50 percent and an annual installed capacity of 4 GW. It is also India’s 5th largest Solar Module manufacturer with a market share of 5 percent and an annual installed capacity of 4 GW.
Insolation Energy Limited is engaged in the business of manufacturing solar panels, modules, solar power conditioning units (PCUs), solar batteries, solar charge controllers, and many more.
With a market capitalization of Rs. 7,260 Crores, the shares of Insolation Energy Limited were trading at Rs. 3485 per equity share, down 2.5 percent from its previous day’s close price of Rs. 3,573.80.
As of FY24 Insolation Energy Limited has a Solar Module Manufacturing capacity of 950 MW with expansion plans to increase the Solar Module manufacturing capacity to 4000 MW and Solar Cell manufacturing capacity of 1200 MW by FY26-27.
Alpex Solar
Alpex Solar Limited is engaged in the business of manufacturing, supplying, installing, and commissioning solar panels, solar pumps, and other related things using monocrystalline and polycrystalline cell technologies.
With a market capitalization of Rs. 2,105 Crores, the shares of Alpex Solar Limited were trading at Rs. 860.10 per equity share, down 0.10 percent from its previous day’s close price of Rs. 860.95.
Alpex Solar Limited has a solar module manufacturing capacity of 900 MW, with expansion plans of achieving 2.4 GW of Solar Module manufacturing, 1.6 GW of Solar Cell Manufacturing, and an Aluminium Frame manufacturing capacity of 12000 T.
Written by: Bharath K.S
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