Waaree Energies Surges 3.5%, Emmvee Gains 2% as Government Adheres to ALMM Timeline

India's Solar PV Sector Sees Boost as Government Sets June 1 Deadline for ALMM List-II Compliance

Shares of Waaree Energies and Emmvee Photovoltaic Power traded higher on Tuesday after the government announced that there would be no blanket extension of the Approved List of Models and Manufacturers (ALMM) List-II deadline beyond June 1, 2026.

On the National Stock Exchange (NSE), Waaree Energies rose 3.56 percent to Rs 3,090.50, while Emmvee gained 1.89 percent to Rs 295.75 in afternoon trade on Tuesday. This development is significant for the solar PV sector, as the government's stance on ALMM List-II compliance is expected to bring stability to the market.

In a statement issued on Monday, the Ministry of New and Renewable Energy (MNRE) said it had decided not to grant any blanket extension for the applicability of ALMM List-II for solar PV cells beyond June 1, 2026, after detailed examination of stakeholder representations and wider industry consultations. The ministry noted that it had received multiple representations from stakeholders, with some seeking an extension and others opposing it.

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Under the current framework, net-metering projects and open access projects commissioned before June 1, 2026 are exempt from ALMM List-II requirements for solar PV cells. Projects commissioned after this date will have to comply with the provisions. The ministry also clarified that residential net-metering consumers participating in the PM Surya Ghar: Muft Bijli Yojana "Give It Up" campaign and voluntarily foregoing government subsidy will continue to be governed by existing scheme guidelines till March 31, 2027, provided applications are made through the scheme's national portal.

The ministry said certain net-metering, open access, and renewable energy projects could still receive time extensions on a case-by-case basis to protect investments already made. Requests for extension will be evaluated after assessment of documentary proof submitted by developers. Renewable energy project developers seeking extension beyond June 1, 2026 can submit claims through a dedicated portal developed by the National Institute of Solar Energy on or before June 30, 2026. The claims will be reviewed by an expert committee to be constituted by the ministry.

The government's decision reflects its commitment to policy stability in the solar PV manufacturing ecosystem and aims to strengthen India's self-sufficiency in solar PV manufacturing while safeguarding investor confidence and protecting investments already made in renewable energy projects.

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