Que: MNRE has extended the ALMM II exemption for net metering and open access solar projects till December 2026. What kind of impact do you expect on the implementation timeline and cost for net metering and open access projects?

Ans: For net-metering and open-access developers, this is real relief. A 10–12 GW pipeline can now commission on its original economics, without the shock of a sudden cell-cost step-up or stranded imported inventory. But it's a transition cushion, not a cost reset – projects commissioned after December still price in ALMM List-II cells. That differential doesn't disappear; it just arrives a few months later.

Que: Is the six-month extension enough to bridge the demand-supply gap for domestically manufactured solar cells?

Ans: It's tight. Notified in mid-July, the real runway to commission is closer to five months than six. Listed domestic cell capacity is rising steadily, but 'rising' and 'sufficient at the right quality, wattage and price points' are not the same thing. The extension buys breathing room; it doesn't by itself guarantee the ramp is complete by year-end.

Que: How can this transition to ALMM-II be handled better?

Ans: Predictability over reprieve. This deadline has now moved more than once, and each extension – however welcome – signals that the goalposts can shift, which makes capital harder to commit. Tie the transition to actual megawatts of listed cell supply coming online, not just calendar dates. Getting this mechanism right matters well beyond cells, because ALMM List-III for ingots and wafers is due in 2028.