In a big move towards solar energy, the Adani Group plans to increase its solar manufacturing by 2.5 times, reaching 10 gigawatts (GW) by 2027. Right now, they have 4 GW of solar manufacturing capacity. To fund this growth, they’ve recently raised an impressive $394 million with the help of Barclays PLC and Deutsche Banks AG.
Adani Solar, part of the Adani Group, already has orders for over 3,000 megawatts (MW) of solar exports to fulfill in the next 15 months. This boost could significantly boost India’s solar energy production, which has already grown from 2.63 GW in 2014 to 71.10 GW in 2023. However, a lack of strong manufacturing capabilities had been a hurdle.
To tackle this issue, the Indian government introduced measures like safeguard duties, an approved list of module manufacturers, and production-linked incentives, encouraging companies like Adani to invest more in solar manufacturing.
Adani’s journey into solar manufacturing began in 2015 with Adani Solar, following their success in conventional energy through Adani Green Energy Limited (AGEL). In just six years, they’ve grown from a 1.2 GW capacity to 4 GW for both solar cells and modules.
Adani Solar operates India’s biggest solar capacity for cells and modules in the Mundra Special Economic Zone. They’ve sold over 7 GW of modules and are now among the top three solar module suppliers in India, as per Mercom’s India Solar Market Leaderboard for 2023.
Adani’s expansion in solar manufacturing is not only significant for their group but also for India’s clean energy future. Their commitment to green innovation shines a bright light on the future of solar energy in India.