We must integrate and make the entire spectrum of solar PV products here

The 2GW manufacturing setup is flexible and can work with 182 mm and 210 mm cells, offering modules in the bin range of 535–660 Wp. “As a vision, Adani Solar intends to have, over the next few years, a fully integrated capacity of 10 GW starting from polysilicon up to modules,” says Rahul Bhutiani, Head Sales & Marketing, Adani Solar
How is Adani Solar a significant player in the Indian Solar spectrum?
In 2017, Adani Solar became the first company in the world to start a Greenfield Project of GW scale at Mundra, with its platinum-rated manufacturing facility of 1.2 GW of solar PV cells and modules. This setup was enhanced to 1.5 GW in 2019. This facility has been catering primarily to the domestic markets— residential rooftop projects, groundbased IPP projects, solar parks, and even agricultural solar pump projects under the KUSUM scheme. Adani Solar has been a consistent performer in terms of manufacturing volumes and market share — consistently being the largest and most prominent Indian player against the onslaught of Chinese manufacturers.

Adani Solar prides itself on creating a robust retail distribution network across all states of India that ensures Adani Solar Modules reach every nook and corner. We take pride in having a 50 per cent market share in the residential retail and KUSUM markets.

In 2022, Adani Solar expanded its capacity by adding a 2 GW line. With this capacity addition, Adani Solar has brought to India state-of-the-art, contemporary MonoPERC technology capable of delivering high-efficiency modules, thereby making solar projects more viable. Adani Solar now serves the domestic and international markets very efficiently and effectively. Adani Solar is the only Indian manufacturer awarded Top Performer by DNV-GL PVEL Global Reliability Testing for five consecutive years 2018 to 2022).

How are you innovating in your product range?
The capacity expansion of 2 GW is already done with the latest MonoPERC technology, which can give us high-efficiency modules. The manufacturing setup is flexible and can work with 182 mm and 210 mm cells, offering modules in the bin range of 535–660 Wp. We are also setting up the associated cell line, which will again be flexible and capable of manufacturing 182 mm and 210 mm cells.

Interestingly, our MonoPERC lines can also be upgraded to n-type TOPCon technology, further enhancing the efficiency of modules we can offer to the market.

Adani Solar has also set off an expanding capacity of another 2 GW by bringing India the N-type TOPCon technology with its futuristic technology and is capable of further enhancing the module efficiencies.

How do you manage your supply chain?
At Adani Solar, we have attempted to have better control of the supply chain, which gives us the ability to ensure the best product quality. We have and will continue to build out integrated cell and module capacities. We have also set up an ancillary ecosystem to ensure supply chain independence for other critical components of the module – like aluminium frame, back-sheet, POE, glass, etc.

Adani Solar Modules are ALMM approved and have all the requisite national and international certifications to be accepted for any deployment—retail, commercial, industrial, and IPP.

How are you adopting rapid technology transformations?
Adani Solar will be expanding its capacity with the latest technologies. With MonoPERC technology, we have 2 GW of cell and module capacities. We are already underway with an expansion of another 2 GW, which will be based on the n-type TOPCon technology. This facility will be operational by mid-2023.

As a vision, Adani Solar intends to have, over the next few years, a fully integrated capacity of 10 GW starting from polysilicon up to modules. The ancillary ecosystem will also be appropriately expanded to support the 10 GW capacity. Once completed, this facility will have the world’s only fully integrated 10 GW solar PV manufacturing capacity with the entire ancillary ecosystem co-located.

How will India’s solar sector progress in the next five years?
We at Adani Solar believe that the solar industry in India is poised for an orbital change. The government, regulators, manufacturers, and developers are working to ensure India meets its ambitious (but achievable) targets for renewable power.

The solar industry is capable of taking India to energy security while helping decarbonise the power generation industry in India. India is currently the 3rd largest market for the solar sector behind China and the USA, and we will continue to hold our position shortly too. The solar installations in the country are expected to grow exponentially in the next five years, and Adani Solar is geared to support this massive growth. Adani Solar will continue to hold a dominant market share in the future too.

What kind of pricing and technology roadmap do you see in the industry?
The industry saw unprecedented price increases last year on the back of an all-time high in polysilicon prices. With many new polysilicon capacities coming on stream now, it was widely expected that there would be pressure on prices, and we may soon see a downward price trend for the industry. This will augur well and help boost the growth in the industry. The industry gravitates towards higher and higher module efficiency in terms of technology. The current favourite, MonoPERC technology, will likely rule the roost over the near future. TOPCon and HJT are the technologies maturing very fast and will be the technologies that the world and India will work with in  the future.

How have currency fluctuations affected the solar industry?
The Indian solar industry is reeling under pressure created by rising raw material prices, primarily driven by the polysilicon price spurt and commodity price surge. The world’s geopolitical situation triggered rises in crude prices, which has impacted our rupee. This devaluation has further impacted module prices since a lot of the raw materials are imported, leading to a solid linkage to dollar rupee movements.

To the extent a company exports its products, there could be a natural hedge against dollar-Rupee fluctuations. However, the impact of the dollar-rupee movement is
challenging for domestic sales.

What kind of growth do you see in the residential demand?
The Indian government has been very proactive in creating a positive residential rooftop solar market environment. The schemes announced and implemented and under implementation are very generous and should ensure good participation by the residential sector. MNRE’s grid-connected rooftop solar programme aims for residential installations of 4 GW and offers a 40 per cent subsidy for the first 3 kW of generation capacity in residential rooftop systems. Residential rooftop installations Account for only 17 per cent of total rooftop solar capacity and just 2.9 per cent of the nation’s total solar capacity. Only around 0.5 per cent of independent urban homes have installed rooftop solar, which clearly shows the potential for rooftop solar in the residential sector. The major deterrents till now have been consumer inhibition and low awareness about the technical, financial, and operational aspects of installations, and the industry and government are addressing this appropriately.

What are the cost and raw material challenges for solar modules and cells?
China’s share in the entire supply chain—all stages from polysilicon to modules—is more than 80 per cent and for wafers is as high as 95 per cent plus. Economies of scale, supply chain integration, innovation, and significant government support for the last two decades have made China a formidable force in the solar supply chain. As a result, India, like most other countries worldwide, depends on Chinese imports (wafers, cells, etc.) for solar module manufacturing. This dependence does not augur well for the industry, which is always susceptible to disruption in availability and prices.

Through the PLI scheme, our government’s intention is clear: to gradually and steadily wean ourselves off of our reliance on Chinese imports by encouraging Indian industry to develop a domestic, fully integrated supply chain capable of meeting domestic demand.

What is your strategy for the domestic market?
Every customer in the country should be able to purchase Adani Solar PV modules. To achieve this goal, Adani Solar has established a robust retail distribution network that includes over 20 authorised channel partners, over 50 resellers, and over 2500 integrators across the country via these partners. Adani Solar is fully committed to serving the domestic market.

How should India deal with the challenges ahead in the solar journey?
The Indian solar industry has been hampered by supply-side constraints such as a lack of polysilicon and glass. Specifically, the supply of raw materials required for he manufacture of cells and modules, an increase in steel prices, aluminium, copper, and silver, a container shortage, and a freight spiral.

To mitigate the risks posed by supply chain constraints, India must backwards integrate and build capacity to manufacture the entire spectrum of solar PV products domestically.

Adani Solar has ambitious plans in this regard. Adani Solar’s backward integration will begin with a 2GW ingot and 2GW wafer, followed by a total 4GW cell and 4GW module by January 2024. And we hope to be a 10 GW fully integrated solar PV manufacturer from polysilicon to the module by January 2026. To support this massive upscaling and integration, we will also establish a comprehensive ecosystem of ancillary units such as glass, EVA, back sheet, and so on to reduce our reliance on imports and ensure a continuous supply of all critical raw materials.