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					</table>The government’s move to extend the Approved List of Models and Manufacturers (ALMM) framework to solar wafers marks a major step toward building a fully integrated domestic solar manufacturing ecosystem, but industry stakeholders warn that a sharp gap in upstream capacity and a tight compliance window could disrupt supply chains and bidding behavior.
According to Mercom Research, India had roughly 2 GW of wafer <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2026" target="_blank" rel="noopener">manufacturing capacity</a>, compared with about 210 GW of module capacity and 27 GW of cell capacity as of December 2025, highlighting the scale of the upstream gap the new policy seeks to address.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93162 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1.png" alt="Wafers/Ingot Manufacturing Capacity by Status (MW) As of Dec 2025 " width="2417" height="1285" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1.png 2417w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1-300x159.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1-2000x1063.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1-768x408.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1-1536x817.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1-2048x1089.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1-650x346.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1-624x332.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Arjun-in-depth-picture-1-600x319.png 600w" sizes="auto, (max-width: 2417px) 100vw, 2417px" /></a>
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The Ministry of New and Renewable Energy has <a href="https://www.mercomindia.com/use-of-almm-listed-solar-wafers-mandatory-a-week-after-list-publication" target="_blank" rel="noopener">expanded</a> the ALMM framework to include wafers under a new List III, with full compliance expected from June 2028. The policy also introduces a cut-off mechanism under which projects bidding just seven days after the issuance of the first list of wafer manufacturers may be required to source modules, cells, and wafers from ALMM-listed manufacturers.
Stakeholders support the intent behind the move with a caveat: execution risks could emerge if capacity addition and timelines do not align with policy ambition.
Capacity Gap Raises Concerns
“India&#8217;s domestic wafer manufacturing capacity, while growing, is still in its early stages relative to the scale the ALMM List III will eventually demand,” said Amod Anand, Co-Founder and Director at <a href="https://www.loomsolar.com/" target="_blank" rel="noopener">Loom Solar</a>.
That gap has become the central concern as the policy focuses on upstream manufacturing. While module and cell manufacturing have expanded rapidly in recent years, wafer capacity has lagged, creating a structural imbalance.
Stakeholders believe that a meaningful ramp-up is achievable by 2028, but only if investments are supported by stable policy.
Manufacturers indicated that bridging the gap will require targeted incentives, faster clearances, access to technology partnerships, and the development of upstream capabilities such as polysilicon and ingot production.
High Capital Barriers 
The framework’s eligibility criteria also highlight their potential impact on market participation. The initial wafer list will be issued only if it includes at least three independent manufacturers with a combined capacity of 15 GW, and each manufacturer must also have possessed ingot manufacturing capacity equivalent to the wafer capacity it seeks to list.
“The ingot wafer linkage requirement reflects sound policy intent, but we should be candid about the scale of commitment it demands,” Anand said.
A 5 GW ingot-wafer facility typically requires around 100–125 acres of contiguous land, along with assured access to water, reliable power, and skilled manpower. Facilitating large parcels of incentivized land within integrated clusters can significantly ease project execution and improve overall viability,” said Avinash Hiranandani, Vice Chairman and Managing Director at <a href="https://www.renewsysworld.com/" target="_blank" rel="noopener">RenewSys India</a>.
He estimated capital expenditure at roughly ₹10 billion (~$108 million)/GW for integrated ingot and wafer facilities, with smaller plants costing more per GW, highlighting the economies of scale required for viability.
“Wafer manufacturing cannot be looked at in isolation. If you import ingots and cut them here, there will be significant wastage. It has to be an integrated setup,” Hiranandani said.
Tanmoy Duari, Chief Executive Officer at <a href="https://axitecsolar.com/in" target="_blank" rel="noopener">AXITEC Energy India</a>, pointed out that the requirement introduces significant complexity due to the need for advanced technology and long gestation periods.
At the same time, Prashant Mathur, Chief Executive Officer at <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy,</a> noted that such integration is essential to move beyond partial manufacturing and build a complete domestic supply chain.
Risk of Limited Supplier Pool
Concerns over capacity are closely tied to the size of the initial supplier base. A limited number of qualifying manufacturers could create bottlenecks across the value chain, particularly for module and cell producers.
“If List III launches with only two or three qualified manufacturers, module and cell makers could face meaningful sourcing constraints,” Anand said.
Vasanthi Sreeram, Chief Technology Officer at <a href="https://www.websolenergy.com/" target="_blank" rel="noopener">Websol Energy System,</a> noted that in the initial phase, a limited supplier base may require closer coordination and more structured procurement planning, although ongoing capacity expansions are expected to gradually improve supplier diversity.
A narrow supplier pool may reduce flexibility and increase dependence on a few vendors, making production planning more complex.
Stakeholders draw parallels with the rollout of ALMM List II for solar cells, where compliant supply initially struggled to keep pace with demand.
The wafer segment, which remains the least developed part of India’s solar manufacturing ecosystem, could face similar pressures, with implications for both manufacturing output and project execution timelines.
Cost Pressures 
Cost implications are expected to follow supply constraints. Domestic solar cells are currently priced at about $ 0.077 per watt, compared to around $0.042 per watt for imported cells, reflecting a gap of roughly 45% even after duties. A comparable premium is anticipated for wafers in the early years of compliance.
“The short-term premium is the cost of building a resilient and self-reliant solar ecosystem,” Anand said.
Hiranandani emphasized that power is one of the largest cost components in ingot manufacturing, and access to low-cost electricity will be critical to the viability of domestic production.
Sreeram said the impact of module pricing will depend on factors such as capacity utilization, quality consistency, and manufacturing efficiency, with a learning curve expected in the early phase. She also highlighted the importance of a reliable power supply and emerging solutions, such as battery energy storage systems, in improving manufacturing stability.
Limited domestic availability is likely to push input costs and module prices, particularly in the initial phase. Market participants said this could translate into upward pressure on tariffs, especially for projects operating on tight margins.
She added that while input costs may rise initially, they are expected to stabilize over time as capacities scale, operational efficiencies improve, and deeper value-chain integration is achieved, ultimately supporting more stable module pricing and tariff discovery.
Mathur indicated that while tariffs may rise in the short- to medium-term, they may stabilize as capacity expands and supply improves
Seven-Day Timeline 
If capacity is one concern, timing is another. The seven-day cut-off tied to the issuance of the first wafer list has become a key point of friction.
“Seven days is a very compressed window for an industry operating on procurement cycles that typically span months,” Anand said.
Procurement, contracting, and project planning cycles in the solar sector often span several months, making a short transition period difficult to accommodate. Industry participants said developers and manufacturers require advance visibility on approved suppliers and time to renegotiate contracts.
Sreeram suggested that a phased implementation would allow manufacturers to prioritize quality and process stability, particularly given the direct impact of wafer quality on module performance. She also noted that the requirement to notify the list only after a minimum level of capacity is available is a pragmatic step, but developers will still need to strengthen supplier engagement and forward procurement strategies to manage the transition.
Duari emphasized the need for coordination across the value chain, while Mathur noted that projects already under execution would find it particularly challenging to adjust sourcing within such a limited timeframe. The experience with ALMM List II suggests that tight timelines can lead to delays and execution challenges.
Balancing Ambition with Execution
While industry stakeholders support the policy&#8217;s direction, many have called for improvements to ensure smoother implementation. Suggestions include phased compliance, higher thresholds to ensure adequate competition, and longer transition timelines.
Manufacturers emphasized that gradual scaling and ecosystem development will be critical to maintaining deployment momentum while domestic capacity builds.
The success of the decisive push toward upstream self-reliance will depend on whether capacity can scale in time, timelines align with industry realities, and the transition is managed without disrupting India’s solar growth trajectory.

ALMM Expansion to Wafers Raises Capacity Gap and Timeline Concerns

Reliance New Energy Solar, the green energy arm of <a href="https://www.ril.com/" target="_blank" rel="noopener">Reliance Industries</a>, will invest €25 million (~$29 million) in a Germany-based solar wafer manufacturer, <a href="https://www.nexwafe.com/" target="_blank" rel="noopener">NexWafe GmbH</a>.
Reliance New Energy Solar will be the strategic lead investor for NexWafe’s €39 million (~$45 million) Series C financing round. InnoEnergy, Lynwood, Saudi Aramco Energy Ventures, and other incumbent and new investors participated in the funding round.
InnoEnergy is expected to convert its current debt of €4 million (~$4.7 million) in NexWafe into equity at the same share prices as the Series C round shares.
The fresh funding will help NexWafe accelerate product and technology development, including completing the commercial and development of its solar products on prototype lines in Freiburg.
The companies also signed an India Strategic Partnership Agreement for joint technology development and commercialization of high-efficiency monocrystalline solar wafers.
Reliance plans to build a large-scale wafer manufacturing facility in India using NexWafe’s processes and technology with this partnership.
NexWafe develops and produces monocrystalline silicon wafers from inexpensive raw materials, going directly from a gas phase to finished wafers. The process removes the need for costly and energy-intensive steps like polysilicon production and ingot pulling, which traditional wafer manufacturing relies on.
The solar wafer manufacturer uses in-line manufacturing to form an initial release layer and for epitaxial deposition of silicon in an atmospheric chemical vapor deposition process. It said its patented technology would cut wafer production costs, making solar photovoltaics the lowest-cost form of renewable energy available.
Bart Markus, Chairman of NexWafe, said Reliance’s commitment would help the company reshape and reinvent the silicon wafer and deploy high-efficiency photovoltaics at scale.
Mukesh Ambani, Chairman of Reliance Industries Limited, said, “We believe NexWafe’s innovative ultra-thin wafer will give solar manufacturers a significant advantage over existing photovoltaic technologies, helping consumers in India and globally realize the benefits of solar energy more quickly and efficiently.”
Reliance New Energy Solar also signed a cooperation agreement with <a href="https://www.stiesdal.com/">Stiesdal</a> to develop and manufacture Steisdal’s HydroGen Electrolyzers in India.
Stiesdal said that its HydroGen Electrolyzer technology is effective for green hydrogen production at a game-changing cost level. This will combine with Reliance’s expertise in innovation, project execution, and operational excellence to bring affordable green hydrogen to millions of Indians.
The companies will extend their collaboration to develop and implement other climate change technologies, including offshore wind energy, next-generation fuel cells for conversion of hydrogen to electricity, long-duration storage, and production of carbon-negative fuels.
The investment in NexWafe and collaboration with Stiesdal comes close on the heels of Reliance’s<a href="https://mercomindia.com/reliance-buy-stake-sterling-wilson/" target="_blank" rel="noopener"> announcement</a> to acquire a 40% stake in Sterling and Wilson Solar.
Earlier this month, Reliance New Energy <a href="https://mercomindia.com/reliance-acquires-rec-solar-holding/" target="_blank" rel="noopener">acquired</a> REC Solar Holdings from China National Bluestar Group for $771 million.
In June 2021, Mukesh Ambani <a href="https://mercomindia.com/reliance-foray-into-solar-battery/" target="_blank" rel="noopener">announced</a> that Reliance Industries would invest ₹750 billion (~$10 billion) to build an integrated solar PV factory, advanced energy storage battery manufacturing unit, green hydrogen, and fuel cell facility in Gujarat’s Jamnagar.

Reliance’s Green Energy Arm to Invest $39 Million in Solar Wafer Manufacturer NexWafe

The Bharat Heavy Electricals Limited (<a href="http://www.bhel.com/index.php/" target="_blank" rel="noopener noreferrer">BHEL</a>), a government undertaking, has invited bids to manufacture and supply 12 million units of solar cells.
The last date for the submission of bids is June 12, 2020.
Both international and domestic manufacturers are allowed to bid against this tender. Foreign vendors need to supply the first 4 million solar cells by air and the next 8 million by sea.
The solar cells should have five busbars and will have a power output of at least 4.62W. The thickness of the solar cells should be at least 200 microns.  The cells should be made from multicrystalline silicon, and the dimension of the cells should be 156.75+-0.25 mm or 157+-0.25 mm. The efficiency of solar cells should be at least 18.8%. The cells should be of ‘A’ category and have homogeneous silicon nitride coating without any color variation.
To take part in the bidding process, the vendor should have a minimum of 300 MW per year, in-house crystalline silicon solar cell manufacturing capacity. The vendor should have supplied one million units of multicrystalline silicon solar cells in the last two years.
Regarding the technical criteria, the multicrystalline silicon solar cells offered should comply with BHEL’s technical specifications.
As per the tender document, the delivery of the four million solar cells should be made within four weeks of the date of the purchase order, and the remaining should be delivered in batches of four million every four weeks after that. Preference will be given to local vendors under the ‘Make in India’ initiative.
BHEL has been consistently procuring solar cells. In February, it <a href="https://mercomindia.com/bhel-set-procure-multicrystalline-solar-cells/" target="_blank" rel="noopener noreferrer">issued</a> a similar tender for the manufacture and supply of 12 million units of 156.75 mm multicrystalline solar cells with five busbars and 4.62W. Previously the company <a href="https://mercomindia.com/bhel-procure-multicrystalline-solar-modules/" target="_blank" rel="noopener noreferrer">invited</a> bids to manufacture and supply 74,500 units of multicrystalline solar modules for NTPC’s 100 MW floating solar project at Ramagundam in Telangana. Before that, Merocm had <a href="https://mercomindia.com/bhel-floats-tender-multicrystalline-solar-wafers/" target="_blank" rel="noopener noreferrer">reported</a> that BHEL had issued a tender for the manufacture and supply of 4,500,000 multi silicon solar wafers with a specification of 157-millimeters.

BHEL to Procure 12 Million Multicrystalline Solar Cells

Bharat Heavy Electricals Limited (<a href="http://www.bhel.com/bhel-landing/" target="_blank" rel="noopener noreferrer">BHEL</a>), a government of India undertaking, has issued a tender inviting quotations for the manufacturing and supply of 4,500,000 DWS multi silicon solar wafers with a specification of 157-millimeters.
The bid submission deadline is July 29, 2019. The price bid opening date will be set later for vendors accepted in the technical process. The last date for the delivery of 4,500,000 units of the solar silicon wafers is September 24, 2019.
The technical specifications ask for a 157 mm square diamond wire saw (DWS) multi-crystalline solar silicon wafers. It is used as a raw material in the creation of solar photovoltaic (SPV) cells, which in turn are used in SPV modules. The wafers need to be p-type semiconductors doped with Boron and Gallium. The wafers should adhere to the quality standards and should be free from defects and deformities.
BHEL has listed various criteria that need to be satisfied by the bidding authorities. Primarily, only authentic multi-crystalline silicon wafer manufacturers can apply for this tender. The bidder should have a manufacturing capacity of at least 100 MW per year of in-house PV grade multicrystalline wafer manufacturing capacity. This is a global tender and foreign bidders can also apply.
Moreover, the bidder should have supplied at least 1,000,000 pieces of 156 to 157 mm multi-crystalline high-efficiency solar silicon wafers between January 1, 2016, and June 30, 2019. The wafers should comply with BHEL’s technical specifications as listed in the tender document.
<a href="https://mercomindia.com/bhel-domestically-manufactured-solar-cells/" target="_blank" rel="noopener noreferrer">A few days ago</a>, BHEL issued a request for quotation inviting interested parties to submit their applications for the manufacturing and supply of solar cells. The bid submission deadline is July 15, 2019.
It has also floated a tender for the supply, instrumentation, and construction (<a href="https://mercomindia.com/bhel-module-cleaning-solar-projects-telangana/" target="_blank" rel="noopener noreferrer">I&amp;C</a>) of a module cleaning system for 129 MW of solar photovoltaic projects located at Singareni Collieries Company Limited in Telangana.

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