The Adani Group, led by billionaire Gautam Adani, is gearing up to establish a significant presence in the renewable energy sector by expanding its solar manufacturing capabilities. Currently operating with a solar manufacturing capacity of 4 GW, the group plans to achieve an integrated solar manufacturing capacity of 10 GW by 2027. This ambitious move aims to capitalise on the growing demand for renewable energy solutions amid the global energy transition.

Adani Solar, a subsidiary of the Adani Group, has already secured confirmed orders exceeding 3,000 MW in exports, which are slated to be fulfilled within the next 15 months. To facilitate this expansion, Adani recently secured a substantial funding of $394 million from Barclays PLC and Deutsche Banks AG through a trade finance facility.

India has made significant strides in solar energy generation, increasing its capacity from 2.63 GW in March 2014 to 71.10 GW in July 2023. However, the pace of growth in the manufacturing ecosystem did not align with the energy generation progress. To address this gap, the government implemented a dual strategy involving trade and non-trade barriers such as safeguard duty, an approved list of module manufacturers (ALMM), and a production-linked incentive (PLI) scheme. These measures provided the necessary impetus for private players like the Adani Group to invest heavily in solar manufacturing.

Adani Solar's journey began in 2015 when Adani Enterprises (AEL) initiated solar PV manufacturing with Adani Solar. Since its inception in 2016, Adani Solar rapidly expanded its manufacturing capacity, currently boasting 4 GW each for modules and cells. This growth trajectory has positioned Adani Solar as one of the fastest-expanding solar manufacturing companies globally.

The group has established India's largest solar PV capacity for cells and modules at the Mundra Special Economic Zone (SEZ). Since its inception, Adani Solar has successfully sold over 7 GW of modules, catering to both domestic and international markets. In recognition of its achievements, Adani Solar was ranked among the top 3 solar module suppliers in 2022 according to Mercom's India Solar Market Leaderboard.

Looking ahead, Adani Solar is on track to build the world's first fully integrated and comprehensive solar manufacturing ecosystem with a capacity of 10 GW in Mundra, Gujarat, by 2027. This facility, the largest in the group's portfolio, is expected to generate over 13,000 green jobs. It will encompass the entire solar manufacturing process, from metallurgical grade silicon to PV modules, along with ancillaries and supporting utilities, all co-located geographically.

Adani Solar's commitment to innovation is evident through its early adoption of new technologies and robust digital transformation efforts. Collaborations with renowned global institutes and certification laboratories like ISC, UNSW, PI Berlin, and Fraunhofer have further strengthened the company's technological capabilities.

India's solar cell and module exports by domestic original equipment manufacturers (OEMs) witnessed a remarkable surge, reaching Rs 8,840 crore in the financial year 2022-23 (FY23). This figure marks a staggering 364% increase from Rs 1,819 crore in FY22, as reported by the rating agency ICRA. This substantial growth reflects the nation's growing prominence as a global solar manufacturing hub, driven in part by industry leaders like Adani Solar.