Adani Enterprises Targets 10-GW Solar Manufacturing Capacity In Two Years

Adani Enterprises Ltd. plans to have an integrated solar manufacturing capacity of 10 GW by FY26, Saurabh Shah, deputy chief financial officer of Adani Enterprises, told analysts on a call.

At present, the company has a module and cell manufacturing capacity of 4 GW. “We have operationalised 2 GW of wafer and ingot manufacturing, which is getting stabilised at present. This will be ramped up to align with the integrated capacity of other products to reach 10 GW capacity by FY26,” Shah said.

Integrated solar manufacturing includes manufacturing of polysilicon, wafers, ingots, cells and modules. At present, India has developed cells and modules manufacturing capacity, but still lags in polysilicon, wafers and ingots.

"Land development and allotment is happening at present and once that is done, construction activity will start for ramping up the renewable capacities,” he said.

The company has enough order book for the solar and wind capacities that will keep it occupied for FY25 and part of FY26, Shah said.

In Q1 FY25, Adani Enterprises sold around 1,379 MW of solar modules, out of which 379 MW was sold in the March quarter, but it finally got effected in the June quarter. Adjusted for that, the company sold 1,000 MW of modules in the first quarter.

There was also a huge uptick in exports that increased the overall margin for the company. It exported 808 MW in Q1 FY25, which was 80% of the total solar modules sold, as compared with 387 MW a year ago. “Since we have orders for the full year, the margins are likely to increase proportionately," Shah said.

For the electrolysers business, the company has received a letter of award for a 198-MW electrolyser, for which technology stack is being tested at a lab. The company has already commissioned a testing lab for the purpose and is benchmarking it against various tests, he said.

“We have also started pilot manufacturing project where the layout and engineering has been completed," he said.

The company is also planning to come out with a qualified institutional placement of Rs 12,500 crore this year as early as possible, as it wants to fast-track its green hydrogen business, he said.

The company is in the process of constructing the terminal at the Navi Mumbai Airport, where the runway has already come up. “We will hand over the airport for the various risk and disaster management tests once the terminal is ready. We hope to commission the airport by March 2025,” Shah said.

According to him, the company is confident, given the catchment area and the way “Mumbai travels”, that it will achieve the peak passenger traffic of 20 million in the first quarter itself.

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