Adani Group Sets Sights On Solar Manufacturing Dominance; 10 GW Solar Manufacturing Capacity By 2027
As it seeks to seize the energy transition market, industrialist Gautam Adani's group is planning to construct 10 GW of integrated solar manufacturing capacity by 2027, according to sources.
October 03, 2023. By News Bureau
The current solar manufacturing capacity of the Adani Group is 4 GW. Adani Solar has an export order book with confirmed commitments totaling more than 3,000 MW, which will be fulfilled over the course of the next 15 months, as they said. They also noted that Adani recently raised USD 394 million for solar manufacturing through a trade finance facility from Barclays PLC and Deutsche Banks AG.
While India scaled up its solar energy generation from 2.63 GW in March 2014 to 71.10 GW in July 2023, the manufacturing ecosystem did not match the pace.
The government employed both trade and non-trade barriers, such as safeguard duty, an approved list of module manufacturers (ALMM), and a production-linked incentive (PLI) scheme, in its two-pronged effort to promote change.
These measures provided the much-needed impetus for private sector involvement, attracting investments from major players like the Adani group. This initiative began in 2015 when Adani Enterprises (AEL) established and nurtured solar PV manufacturing with Adani Solar.
In 2016, Adani Solar commenced production with a 1.2 GW capacity for cell and module production, rapidly expanding its manufacturing capacity to 4 GW for both modules and cells in less than six years, making it one of the fastest-growing solar manufacturing companies.
Now, Adani Solar is poised to construct the world's first fully integrated and comprehensive solar manufacturing ecosystem of 10 GW in Mundra, Gujarat, by 2027. This ambitious venture is expected to create over 13,000 green jobs and foster deep backward integration across the value chain for modules, cells, and various solar ancillaries.
Adani Solar's focus on technology and partnerships with leading global institutes has fortified its position as a frontrunner in the industry. Furthermore, India's solar cell and module exports from domestic original equipment manufacturers (OEMs) have soared by 364 percent from Rs 1,819 crore in FY22 to Rs 8,840 crore in FY23, according to rating agency Icra. Adani Solar's push for a robust solar manufacturing ecosystem is poised to strengthen India's position as a global solar manufacturing hub.
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