India's renewable energy sector attracted $11.8 bn investment in H1 2025

India's renewable energy investments reached $11.8 billion in H1 2025, marking the second-highest half-year activity on record, according to BloombergNEF's latest tracker.

The government’s move to implement Approved List of Cells and Manufacturers (ALMM) from June 2026 could impact green open access capacity of around 20-25 gigawatt (gW), JMK Research said in a report on Friday.

 

“Following the implementation of ALCM, the expected shortage of domestic content requirement (DCR) modules is likely to hamper the execution of nearly 20-25 gW of green open access projects over the next 2-3 years. Concurrently, the high prices of DCR modules will also increase the project power tariff by up to ₹0.4 - ₹ 0.5 per unit,” the research firm said.

 

Currently, ALMM is used as an umbrella term for non-tariff barriers to promote the domestic manufacturing capabilities of clean energy products, including solar modules and wind turbines.

   

Until 2025, the ALMM exclusively focused on solar modules but in an effort to enhance the integration of the upstream solar manufacturing value chain, the ministry of new and renewable energy (MNRE) has now expanded the ALMM mandate to include solar cells.

 

Following the ALCM mandate in 2024, the MNRE published the first ALCM list in July 2025, which featured six manufacturers with a total listed capacity of 13 GW. For comparison, the ALMM list released in June 2025 included over 100 manufacturers and a cumulative listed capacity of 91.5 gW.

 

Due to the huge gap in domestic manufacturing capabilities for modules and cells, the industry has asked for relaxations in the ALCM norms. In response, MNRE issued an office memorandum on 12 August, saying, “Government projects having bid submission date on or before 31 August 2025 shall be exempt from using solar PV cells enlisted in ALMM List-II.”