-533.50
 -167.20
 -55.00
+ 17.00
 -386.00
 -533.50
 -167.20
 -167.20
 -55.00
 -55.00
+ 17.00
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Waaree has a total solar PV module capacity of approximately 22.3 GW worldwide and a solar cell capacity of up to 5.4 GW | Photo Credit: Appfind
Waaree Energies Ltd has secured approval for its solar photovoltaic cells under the Ministry of New & Renewable Energy’s Approved List of Models and Manufacturers (ALMM) List-II. The total approved capacity is 5.25 GW per annum at its Degam facility in Chikhli, Navsari, Gujarat.
The approval, notified by MNRE on December 15, 2025, under the third Revision of ALMM List-II, includes 3,923 MW of N-type TOPCon cells and 1,328 MW of P-type PERC bifacial cells. India’s largest solar PV module manufacturer made the announcement on Tuesday.
Sunil Rathi, Executive Director at Waaree, said the ALMM List-II inclusion strengthens domestic backward integration across India’s solar value chain. He noted that scaling high-efficiency TOPCon and PERC cell manufacturing in India would reduce import dependence, while providing developers and EPCs greater certainty on quality, supply continuity, and policy compliance.
The listing positions Waaree as a fully integrated cell-to-module supplier, offering domestic sourcing and supply-chain security to developers, EPCs, and institutional buyers. The company already holds a presence in the ALMM List-I for solar modules.
Waaree operates manufacturing facilities with a total solar PV module capacity of approximately 22.3 GW worldwide and a solar cell capacity of up to 5.4 GW. The Mumbai-headquartered company, founded in 1990, has operations across India and over 25 countries.
Waaree Energies shares ended at ₹2,916.20 on the NSE today, down by ₹48.80 or 1.65 per cent.
Published on December 16, 2025
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