Adani Gets SECI Nod for 2 GW Solar Manufacturing Facility in Mundra

Adani Enterprise holds 74% shares of Mundra Solar Energy through its subsidiary Adani Tradecom

August 18, 2023


Mundra Solar Energy, a step-down subsidiary of Adani Enterprises, received the commercial operational date certificate from Solar Energy Corporation of India (SECI) for a 2 GW solar cells and modules manufacturing facility located at Mundra in Gujarat.

Adani Enterprise holds 74% shares of Mundra Solar Energy through its wholly-owned subsidiary, Adani Tradecom. Adani Green holds the remaining stake in Mundra Solar Energy.

Adani Green Energy won the manufacturing-linked solar tender floated by SECI for 7 GW of solar capacity back in January 2020.

Adani won the bid to develop 500 MW of solar cell and module manufacturing capacity and was also allotted an additional 1,500 MW capacity under the greenshoe option.

Additionally, the company was also awarded the contract to develop 8 GW of solar projects under the tender.

The facility was to be commissioned within 24 months of signing the manufacturing contract.

SECI had mandated that the solar cells be domestically manufactured using undiffused silicon wafers (generally called black wafers) classifiable under Customs Tariff Head 3818. Also, if the developer imports diffused silicon wafer (commonly called a blue wafer) and it is used as raw material for manufacturing solar cells in India, then it will not qualify as a domestically manufactured product.

In February 2022, the company was also awarded ₹6.63 billion (~$80.27 million) under the Production-linked Incentive Program for Solar Manufacturing to construct a manufacturing capacity of 737 MW.

In July, Adani New Industries, a wholly owned subsidiary of Adani Enterprises, secured a trade finance facility of $394 million from Barclays PLC and Deutsche Bank AG to fulfill the working capital needs of their integrated solar module manufacturing facility.

Adani is building a fully integrated and comprehensive 10 GW solar manufacturing ecosystem in Mundra for polysilicon to modules manufacturing, including ancillaries and supporting utilities.

The company has a solar cell and module manufacturing capacity of 3.5 GW.

Adani Solar was one of the top solar module suppliers in the calendar year 2022, according to Mercom’s recently released India Solar Market Leaderboard 2023. Adani Solar accounted for 9% of the total modules supplied in 2022.