BENGALURU (Reuters) – India’s Adani Group plans to build 10 gigawatts (GW) of integrated solar manufacturing by 2027, more than double its current capacity, the Economic Times reported, citing news agency PTI.
The conglomerate owned by Indian billionaire Gautam Adani produces solar photovoltaic cells or solar PVs through Adani Solar, with a manufacturing capacity of 4 GW.
Adani Solar has confirmed orders worth over 3,000 megawatts (MW), the report said, citing sources.
A unit of the group’s flagship firm had in July raised a working capital loan of $394 million from Barclays and Deutsche Bank AG for its integrated solar module manufacturing facility.
India’s current annual solar panel manufacturing capacity of 32 GW per annum falls short of the required 52 GW. Though solar currently makes up over half of India’s renewable energy capacity, domestic component supplies have been slow to pick up, and the industry was also spooked by higher import taxes.
The country is considering cutting import tax on solar panels by half and seeking a rollback in goods and services taxes on the devices to make up a shortfall in local output.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Shailesh Kuber)