Statement issued by Union ministry of new and renewable energy

NEW DELHI: Ministry of new and renewable energy (MNRE) has said that it has not asked lenders to pause financing for renewable energy (RE) projects, amid concerns over excess domestic solar manufacturing capacity.In a statement issued on Sunday, MNRE said it has only shared the current status of domestic solar manufacturing capacity with the department of financial services and major renewable-energy lenders such as Power Finance Corporation, REC and Indian Renewable Energy Development Agency. The intent, it said, is to help institutions take a “calibrated, well-informed” approach while evaluating investments across the solar value chain. It added that India has already met 50% of its installed electricity capacity from non-fossil fuel sources, achieving the target five years ahead of its Nationally Determined Contributions under the Paris Agreement. As of October 31, the country’s non-fossil fuel capacity stands at 259 GW, with 31.2 GW added in the current financial year.The ministry emphasised that financing should not remain limited to module manufacturing, but also expand to upstream segments such as cells, ingots, wafers and polysilicon, along with ancillaries like solar glass and aluminium frames.The govt reiterated its commitment to making India self-reliant in solar PV manufacturing and strengthening its position in the global value chain. Supported by schemes such as the PLI for high-efficiency modules, India’s module manufacturing capacity has jumped from 2.3 GW in 2014 to 122 GW listed on the ALMM.MNRE said it will continue policy support, infrastructure development and stakeholder engagement to ensure India’s solar sector remains “inclusive, competitive and future-ready.”