Adani Group eyes boosting its solar manufacturing capacity by 2.5 times to 10 GW by 2027

In a bid to increase its presence in solar energy market, Adani Group is planning to build 10 GW of integrated solar manufacturing capacity by 2027, reported PTI citing sources.

With its current solar manufacturing capacity at 4 GW, the plan will boost its capacity by 2.5 times. As a major step towards the success of this plan, Adani, recently raised $394 million for solar manufacturing from Barclays PLC and Deutsche Banks AG through a trade finance facility.

Adani Solar has a confirmed order book of over 3,000 MW in exports that are to be serviced over the next 15 months. The move will help India catalyse its solar energy generation capacity. So far, the country has increased its capacity from 2.63 GW in March 2014 to 71.10 GW in July 2023. However, weak manufacturing ecosystem proved to be a major impediment in the journey.

To change the scenario, government used a two-pronged strategy. It consisted of use of trade and non-trade barriers like safeguard duty, an approved list of module manufacturers (ALMM), and a production-linked incentive (PLI) scheme.

Adani Solar

The move encouraged private players, like Adani, to increase their investment in solar manufacturing sector. With this, Adani Group made strided in lining up and incubating solar PV manufacturing with Adani Solar in 2015. Earlier, the business conglomerate had achieved success in the conventional energy sector with its listed renewable energy generation entity, Adani Green Energy Limited (AGEL).

Adani Solar began its manufacturing in 2016, with a 1.2 GW cell and module manufacturing capacity. In less than six years, the company enhanced its solar power producing capacity to more than three-fold to 4 GW module and 4 GW cell today.

Adani also runs India’s largest solar PV capacity for cells and modules at teh Mundra SEZ, reported PTI citing sources. The news agency also said that since inception, Adani Solar has sold over 7 GW of modules, catering to both Indian and global demand. As per Mercom’s India solar market Leaderboard 2023, Adani Solar ranked amongst the top 3 solar module suppliers in 2022.

(With inputs from PTI)