New Delhi, Dec 7 (NationPress) The Union Ministry of New and Renewable Energy (MNRE) stated on Sunday that it has not released any advisory to financial institutions regarding the cessation of lending for renewable energy power initiatives or manufacturing facilities for renewable energy equipment, contrary to some media reports.

Nevertheless, MNRE has shared information with the Department of Financial Services and non-banking financial companies (NBFCs) such as PFC, REC, and IREDA concerning the current installed domestic manufacturing capacities in various segments of solar PV production. This includes solar modules and upstream processes like solar cells, ingots-wafers, polysilicon, as well as ancillary items such as solar glass and aluminum frames.

This step aims to enable financial institutions to adopt a well-informed and cautious approach when assessing proposals for financing any manufacturing facility within the solar PV sector. It encourages them to broaden their solar PV manufacturing portfolio to include upstream processes such as solar cells, ingots-wafers, and polysilicon, in addition to solar module ancillaries like solar glass and aluminum frames, rather than limiting their financing solely to solar PV module manufacturing facilities, the official statement clarified.

The Ministry further emphasized that the government is dedicated to making India self-sufficient in solar PV manufacturing and positioning the country as a significant participant in the global value chain. This commitment is reinforced by a comprehensive array of initiatives, including the PLI Scheme for High Efficiency Solar PV Modules and strategies aimed at creating a level playing field for Indian manufacturers. The impact of these efforts has led to a remarkable increase in solar module manufacturing capacity, soaring from just 2.3 GW in 2014 to roughly 122 GW listed in MNRE’s Approved List of Models and Manufacturers (ALMM) today.

This growth highlights the success of India's solar PV manufacturing narrative through collaboration among industry players, various state governments, and the Government of India, while also reaffirming India’s objective of achieving 500 GW of non-fossil fuel capacity by 2030 and contributing significantly to global decarbonization endeavors. MNRE remains dedicated to enhancing the solar manufacturing ecosystem through ongoing policy support, infrastructure advancements, and innovation. The Ministry will persist in engaging with stakeholders to ensure that India’s solar journey remains inclusive, competitive, and prepared for the future, as stated in the official release.

India has already accomplished 50 percent of its installed electricity capacity from non-fossil fuel sources, surpassing the target set under its Nationally Determined Contributions to the Paris Agreement by five years.

As of October 31, the installed capacity from non-fossil sources totals approximately 259 GW, with 31.2 GW added in the current financial year up to October 2025, as per the statement.