Adani Solar, India’s leading vertically integrated solar manufacturer, has grown from 1.2 GW to 4 GW since 2016, with plans to develop a 10 GW integrated ecosystem at Mundra. The Company has pioneered in India ingot‑wafer and TOPCon Cell technology while driving vertical integration, supply chain optimisation, and technological innovation, reinforcing its position as a key player in the global solar industry.

Segment Overview

Introduction

Adani Solar, established in 2016, has rapidly emerged as India's leading vertically integrated solar company, offering a wide range of products and services across the photovoltaics spectrum. Situated within the Electronic Manufacturing Cluster (EMC) in Mundra, the Company's manufacturing and R&D facilities benefit from co-location advantages and robust infrastructure support. Pioneering solar manufacturing in India, Adani Solar has expanded its integrated plant from a 1.2 GW capacity in 2016 to 4 GW by 2024. It holds the largest market share in the rooftop and KUSUM segments and is a leading supplier to the USA. Adani Solar also leads domestic efforts in ingot-wafer and TOPCon Cell technology production. Its backward integration efforts include the establishment of a groundbreaking 2 GW ingot-wafer manufacturing plant.

Adani Solar prioritises technological advancement, cost efficiency, and quality in its manufacturing operations. By leveraging geographical advantage and exploring new technologies, Adani Solar aims to reinforce its competitive edge through vertical integration and strategic supply chain strengthening, such as the ingot-wafer facility, to enhance its cell manufacturing capabilities.

Business Opportunities

India's energy landscape has undergone a significant transformation towards renewable sources. Over the past decade, India has diversified its energy mix, reducing dependence on fossil fuels. At COP26, India set an ambitious target of 500 GW of non-fossil fuel-based energy by 2030. As of November 2024, India’s installed non-fossil fuel capacity increased by 396% over 8.5 years, reaching over 205.52 GW, accounting for 42% of the total energy capacity. Solar power alone has witnessed a 30x increase, from 2.5 GW in 2014 to 94.16 GW in 2024. The government’s strong commitment to sustainability, along with initiatives such as the International Solar Alliance (ISA), underscores India’s leadership potential in the global solar energy sector. Foreign investments are crucial in driving this growth, with 100% FDI allowed in renewable projects. At COP26, India has announced a net zero target by 2070, opening vast opportunities in the renewable sector. The government has launched several initiatives, such as developing solar parks, with 50 parks across 12 states sanctioned for capacities of 500 MW or more. Additionally, the 100 Smart Cities project mandates rooftop solar installations for new constructions and a 10% renewable energy usage for end-customers. These initiatives are expected to drive job opportunities and contribute to inclusive growth, positioning India as a leader in the global renewable energy transition.

Business Edge

Business Performance

Sustainability Performance

Outlook

The global solar market is experiencing remarkable growth, driven by ambitious renewable energy initiatives worldwide. Both India and international markets are witnessing substantial expansion, reflecting a collective commitment to embracing clean energy solutions. A recent statement by the Honourable Prime Minister of India, advocating for the installation of solar rooftops on 1 crore homes, exemplifies the vast opportunities in the domestic market.

Adani Solar remains poised to capitalise on its cost and technology leadership to tap the burgeoning opportunities and enhance its global competitiveness. In line with its ambitious expansion plans, Adani Solar is initiating cell and module expansion to establish a 10 GW integrated solar manufacturing ecosystem at Mundra within the next two years. Adani Solar maintains a steadfast focus on achieving comprehensive integration across the solar value chain, spanning from polysilicon to cell and module, alongside ancillary components. Adani Solar is working to achieve a more balanced sales mix between domestic and exports in FY 2025-26. Further, Adani Solar continues to prioritise investments in facilities and workforce training to sustain its integrated solar ecosystem. Efforts are underway to establish a Centre of Excellence for talent development and an R&D Centre to enhance technological leadership and innovation within the organisation.

To enhance operational efficiency, Adani Solar focusses on supply chain optimisation through supply chain forecasting and real-time data analytics, powered by MES and SNOP automation. On the technology front, Adani Solar is developing larger format modules using TOPCon G12 R version, aimed at increasing module power output, optimising ingot quality, extending product lifetimes, reducing oxygen concentration, and increasing the use of recycled Poly-Si by 35%. Additionally, Adani Solar is reinforcing its risk management strategy by actively pursuing long-term module insurance, ensuring business continuity and proactive risk mitigation. Through these initiatives, Adani Solar continues to strengthen its position as a leader in the global solar industry, driving innovation, efficiency, and sustainable growth.