Module Glut, DCR Cell Shortages, and Financing Risks Squeeze Solar Manufacturers
Module manufacturing capacity has outpaced annual demand, while manufacturers continue to face challenges in sourcing DCR-compliant cells at competitive prices
August 31, 2026
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India’s push to build a domestic solar manufacturing ecosystem is creating new challenges for manufacturers. While policy measures such as the Approved List of Models and Manufacturers (ALMM) and Domestic Content Requirement (DCR) are driving localization, the industry is grappling with a widening mismatch between module and cell manufacturing capacity, increased domestic cell prices, and financing constraints.
