Latest news with #ALMM
Time of India
2 days ago
- Business
- Time of India
Reliance, Avaada among new entrants in ALMM solar modules list
Mumbai: The Ministry of New and Renewable Energy has issued the latest revision to the Approved List of Models and Manufacturers (ALMM) for solar photovoltaic modules , with several key additions including Reliance Industries , and Avaada Electro . According to the latest update dated 5 June, 2025, Reliance Industries has made the entry with an enlisted capacity of 1,716 MW per annum manufactured at its Jamnagar facility. Avaada Electro's Nagpur unit has been enlisted with a capacity of 1,272 MW per annum. Other firms such as ReNew Photovoltaics have added advanced solar panels to the list and enlisted a capacity of 2,926 MW per annum manufactured at its Jaipur facility in Rajasthan. Agrawal Renewable Energy, Unique Sun Power, Oswal Solar, Navitas Green, and Insolation Green Energy have also had module additions or capacity changes approved, indicating broad-based expansion across the sector. The latest list features a wide range of bifacial glass-to-glass and glass-to-transparent-backsheet module types across manufacturers. This ALMM revision is effective immediately and is valid up to June 4, 2029, subject to valid BIS certification. The update also clarifies that enlisted capacity reflects only the current revision and should not be interpreted cumulatively with past lists. The move comes amid India's push for domestic manufacturing capacity under the Production Linked Incentive scheme and its ALMM compliance mandate for government projects.
Time of India
5 days ago
- Business
- Time of India
Vikram Solar gets SEBI nod for IPO with fresh issue of ₹1,500 crore, OFS of 17.45 million shares
New Delhi: Vikram Solar Ltd has received final observation from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), comprising a fresh issue of shares worth up to ₹1,500 crore and an offer for sale (OFS) of up to 1.745 crore equity shares by promoter and promoter group selling shareholders. According to the draft red herring prospectus, the company plans to use ₹793.36 crore from the net proceeds for partial funding of capital expenditure via investment in its wholly owned subsidiary, VSL Green Power Private Limited. The funds will be utilised to set up a 3,000 MW solar cell and 3,000 MW solar module manufacturing facility. An additional ₹602.95 crore will be used to expand the existing solar module manufacturing facility under Phase I from 3,000 MW to 6,000 MW, also through VSL Green Power Private Limited. The remaining proceeds will be used for general corporate purposes. As of March 31, 2024, Vikram Solar had an installed manufacturing capacity of 4.5 GW for solar PV modules. The company is listed on the Ministry of New & Renewable Energy's Approved List of Module Manufacturers (ALMM) among pure-play non-captive manufacturers. The company operates manufacturing facilities at Falta SEZ in Kolkata, West Bengal, and Oragadam in Chennai, Tamil Nadu. It has plans to increase its installed capacity to 10.5 GW by fiscal 2026 and 15.5 GW by fiscal 2027. It is also setting up a 3 GW solar cell manufacturing facility in Tamil Nadu as part of its backward integration strategy. Vikram Solar reported a 21.11 per cent increase in revenue from operations, rising from ₹2,073.23 crore in FY23 to ₹2,510.99 crore in FY24. EBITDA grew from ₹186.18 crore in FY23 to ₹398.58 crore in FY24. The company's product portfolio includes Tunnel Oxide Passivated Contact (TOPCon) modules, Heterojunction Technology (HJT) modules, and Passivated Emitter and Rear Contact (PERC) modules in both bifacial and monofacial formats. The book-running lead managers to the issue are JM Financial Ltd, Nuvama Wealth Management Ltd, UBS Securities India Pvt Ltd, Equirus Capital Pvt Ltd, and PhillipCapital (India) Pvt Ltd. Link Intime India Pvt Ltd is the registrar to the issue.
Time of India
26-05-2025
- Business
- Time of India
Andhra Pradesh leads solar manufacturing push, Jupiter plans ₹2,700 cr facility
Jupiter Renewables will invest ₹2,700 crore to set up a solar cell manufacturing plant in Andhra Pradesh, becoming the third company to establish operations in the state, which is rapidly positioning itself as a leader in solar module and cell production. Jupiter Renewables, a subsidiary of Kolkata-based Jupiter International, plans to set up a 4.8 gigawatt (GW) solar photovoltaic (PV) cell and 1.5 GW module manufacturing facility at Rambilli in Anakapalli district, with an investment of ₹2,700 crore, according to state government's Industries & Commerce Department order approving the investment. The project will be set up in two phases (Phase-1 ₹1,504 crore and Phase-2 ₹1,196 crore), which has an employment generation potential of 2,216 persons, the order said. Phase-1 comprising 2.4 GW solar PV cell and 1.5 GW solar PV module manufacturing is to be commissioned by March 2026 and Phase-2 of 2.4 GW solar cell facility will come up by July 2026, it said. Jupiter is the third company to set up a solar manufacturing base in the state, which is now challenging established leaders like Gujarat, Rajasthan, and Tamil Nadu in the arena. Since the N. Chandrababu Naidu government came to power last year, the state has witnessed a surge in investments in the renewable energy sector. Previously, Indosol had won a nod for a ₹69,000 crore investment into a vertically integrated solar PV manufacturing unit. Premier Energies is also investing in the state in two phases - first phase of 5 GW ingot and solar wafer manufacturing with an investment of ₹1,742 crores, and the second phase is 8 GW solar cell manufacturing with ₹4,200 crore investment. Industry sources said discussions are in progress with other leading solar manufacturers as well. This move aligns with the state's ambitious plans to become a renewable energy hub, aiming to attract investments worth ₹10 lakh crore and create approximately 7.5 lakh jobs in the clean energy sector. India is introducing non-tariff barriers (NTBs) to strengthen domestic solar manufacturing, particularly targeting imports from China. Key measures include mandating the use of locally made solar cells in government projects starting June 2026 and enforcing the Approved List of Models and Manufacturers (ALMM). These steps aim to expand local capacity, reduce geopolitical dependence, and enhance export potential. Andhra Pradesh is taking advantage of this upcoming import barrier and ramping up incentives for solar cell manufacturers. The order approving Jupiter's investment said the state government has extended a certain special package of incentives to the company. These include in-principal approval for allotment of 142 acres of land (Phase-1: 87 acres and Phase-2: 55 acres), at a concessional rate of ₹50 lakh per acre. Also approved were grants of tailor-made incentives to be disbursed over 10 years. These include 50 per cent capital subsidy on building cost, plant and machinery cost, limited to ₹1,096.98 crore, decarbonization subsidy @50 per cent with a cap of ₹118.18 crore, reimbursement of 100 per cent of stamp duty on purchase of land and land conversion charges, and reimbursement of power tariff at ₹1 per unit for 10 years from Date of Commercial Production, limited to ₹341 crore, the order added.
Time of India
26-05-2025
- Business
- Time of India
Andhra Pradesh leads solar manufacturing push, Jupiter plans Rs 2,700 cr facility
Jupiter Renewables will invest Rs 2,700 crore to set up a solar cell manufacturing plant in Andhra Pradesh, becoming the third company to establish operations in the state, which is rapidly positioning itself as a leader in solar module and cell production. Jupiter Renewables, a subsidiary of Kolkata-based Jupiter International, plans to set up a 4.8 gigawatt (GW) solar photovoltaic (PV) cell and 1.5 GW module manufacturing facility at Rambilli in Anakapalli district, with an investment of Rs 2,700 crore, according to state government's Industries & Commerce Department order approving the investment. The project will be set up in two phases (Phase-1 Rs 1,504 crore and Phase-2 Rs 1,196 crore), which has an employment generation potential of 2,216 persons, the order said. Phase-1 comprising 2.4 GW solar PV cell and 1.5 GW solar PV module manufacturing is to be commissioned by March 2026 and Phase-2 of 2.4 GW solar cell facility will come up by July 2026, it said. Ads By Google Ad will close in 30 Skip ad in 5 Skip Ad by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Incredible: The world's toughest smartwatch designed for the military Indestructible Smartwatch Undo Jupiter is the third company to set up a solar manufacturing base in the state, which is now challenging established leaders like Gujarat, Rajasthan, and Tamil Nadu in the arena. Since the N. Chandrababu Naidu government came to power last year, the state has witnessed a surge in investments in the renewable energy sector. Live Events Previously, Indosol had won a nod for a Rs 69,000 crore investment into a vertically integrated solar PV manufacturing unit. Premier Energies is also investing in the state in two phases - first phase of 5 GW ingot and solar wafer manufacturing with an investment of Rs 1,742 crores, and the second phase is 8 GW solar cell manufacturing with Rs 4,200 crore investment. Industry sources said discussions are in progress with other leading solar manufacturers as well. This move aligns with the state's ambitious plans to become a renewable energy hub, aiming to attract investments worth Rs 10 lakh crore and create approximately 7.5 lakh jobs in the clean energy sector. India is introducing non-tariff barriers (NTBs) to strengthen domestic solar manufacturing, particularly targeting imports from China. Key measures include mandating the use of locally made solar cells in government projects starting June 2026 and enforcing the Approved List of Models and Manufacturers (ALMM). These steps aim to expand local capacity, reduce geopolitical dependence, and enhance export potential. Andhra Pradesh is taking advantage of this upcoming import barrier and ramping up incentives for solar cell manufacturers. The order approving Jupiter's investment said the state government has extended a certain special package of incentives to the company. These include in-principal approval for allotment of 142 acres of land (Phase-1: 87 acres and Phase-2: 55 acres), at a concessional rate of Rs 50 lakh per acre. Also approved were grants of tailor-made incentives to be disbursed over 10 years. These include 50 per cent capital subsidy on building cost, plant and machinery cost, limited to Rs 1,096.98 crore, decarbonization subsidy @50 per cent with a cap of Rs 118.18 crore, reimbursement of 100 per cent of stamp duty on purchase of land and land conversion charges, and reimbursement of power tariff at Rs 1 per unit for 10 years from Date of Commercial Production, limited to Rs 341 crore, the order added.
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Business Standard
23-04-2025
- Business
- Business Standard
Vikram Solar bags 150 MW solar module supply deal from Maharashtra Power Co
Vikram Solar on Wednesday said it has secured a 150 MW solar module supply order from Maharashtra State Power Generation Co Ltd. The leading solar PV module manufacturer in a statement said it has bagged an order for a major renewable power project of 150 MW from Maharashtra State Power Generation Co Ltd (MAHAGENCO), a government of Maharashtra undertaking. The company will provide 150 MW of advanced N-Type Modules. The modules will be supplied in the districts of Jalgaon and Solapur in the state of Maharashtra to MAHAGENCO under Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) project 2.0. The order reinforces the Kolkata-headquartered company's standing as one of the premier names in India's Approved List of Models and Manufacturers (ALMM) list, the statement said. "We are proud to have secured this order, which marks another step forward in our mission to power a greener India through high-efficiency solar solutions. The trust placed in Vikram Solar is a reflection of our commitment to quality, innovation, and sustainability," said Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar. Chaudhary further noted that "as we continue to expand our presence in key markets, such as Maharashtra, our focus remains on delivering value and excellence to our partners and communities. We view Maharashtra as a high-potential market with a rapidly growing appetite for renewable energy, and we remain optimistic about the region's accelerating demand trajectory." The implementation of this project is anticipated to boost the region's renewable energy capacity, support the reduction of carbon emissions, and advance environmental sustainability, the company added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
