The Adani Group aims to establish a 10 GW integrated solar manufacturing unit by 2027, aligning with the global shift towards renewable energy.
To cement its position in the solar energy sector, the Adani Group has announced plans to scale up its integrated solar manufacturing capacity to 10 GW by 2027. This is a significant leap, increasing its existing capacity of 4 GW by 2.5 times. As part of the capital mobilisation for this venture, the company secured a substantial $394 million trade finance facility from international banking giants Barclays PLC and Deutsche Bank AG. This investment will primarily be channelled towards solar manufacturing.
Adani Solar is poised to service exports exceeding 3,000 MW over the coming 15 months with a confirmed order book. The Indian solar energy sector has seen commendable growth, with the capacity leaping from 2.63 GW in March 2014 to a robust 71.10 GW as of July 2023. However, challenges persisted, notably the lack of a solid manufacturing base. Recognising this, the Indian government strategically implemented trade and non-trade barriers, which include a safeguard duty, an approved list of module manufacturers (ALMM), and a production-linked incentive (PLI) scheme. This initiative was instrumental in galvanising private sector investment into solar manufacturing, and the group, seeing the potential, responded swiftly.
The company’s Solar, established in 2015, is a testament to the group’s vision. The company commenced manufacturing operations in 2016 with a 1.2 GW cell and module manufacturing capacity. Demonstrating growth, it expanded to 4 GW for both cells and modules within six years. Furthermore, the group maintains India’s premier solar PV capacity for cells and modules at the Mundra SEZ. Since its inception, the performance has been noteworthy. The company has successfully marketed over 7 GW of modules, catering to domestic and international clientele. In a recent ranking by Mercom’s India Solar Market Leaderboard 2023, the company secured a position among the top three solar module suppliers for 2022.