India’s Largest Solar Cell Manufacturer Charts Aggressive Growth Plan

India’s largest solar cells and modules manufacturer, Mundra Solar PV, has announced plans to aggressively increase its production capacity over the next few years.

A subsidiary of Adani Enterprises, Mundra Solar PV is reported to have assembly lines to produce 1,200 megawatts each of solar cells and solar modules. An analysis of data reported by manufacturers to the Ministry of New and Renewable Energy last year showed that Mundra had a share of over 40% in India’s total installed solar cell production capacity and a 15% share in the total installed solar module production capacity. 

Now, Mundra has announced plans to increase the solar cell and module production from 1,200 megawatts each to 3,000 megawatts each over the next 2-3 years. It also eyes a $1 billion turnover by the same time.

Mundra has announced these highly aggressive plans at a time when other Indian solar cell and module manufacturers are struggling to do business. A major manufacturer — Moser Baer Solar — has suffered bankruptcy and will soon receive bids for takeover. Other manufacturers, through the Indian Solar Manufacturers Association, have filed petitions with the government to levy safeguards and anti-dumping duties on imported solar cells and modules.

India also had to shut down its policy of the mandatory use of Indian-made cells and modules for certain projects. The only manufacturers that are seeing some business in India are those that have a project development company to feed the modules. These include Tata Power Solar and Mundra itself.

Mundra Solar PV, in the past, has also revealed plans to invest in production of raw materials for solar cells. The company already operates silicon smelters. It signed a memorandum of understanding with China’s East Hope Group wherein East Hope would invest a total of $300 million to develop various facilities include solar equipment manufacturing, chemicals, and aluminium.

Mundra will likely have to export a large volume of its solar cells and modules in order to achieve the target turnover of $1 billion. Adani is looking to set up solar power projects in Australia and has shown interest in developing projects in other countries as well. Any anti-dumping duties or safeguards duties imposed on imported solar cells and modules would also work in Mundra’s favor.

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A young solar enthusiast from India keeping an eye on all regulatory, policy and market updates from one of the fastest emerging solar power markets in the world.