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Adani Green Energy reportedly plans to invest $3 billion in backward integration in order to more than double its solar manufacturing capacity. Adani Green Energy MD and director Vneet Jaain said that they are currently at 4GW and plan to increase capacity to 10GW by 2027.
Jaain, in an interview with The Economic Times said that they are investing $3 billion in the next 5-7 years and are backward integrating their operations through the electronic manufacturing cluster at Mundra, spread across 700 acres.
“We started with solar wherein we made the modules, the cells, the wafers and the ingots. We then have plans to go further backward on the polysilicon side. We have also formed joint ventures for the manufacturing of EVA back sheets, aluminium frames etc. So, whatever goes as input in making a panel, we will be manufacturing it,” Jaain told the financial daily.
Jaain spoke of the largest energy renewable park that Adani Green is building in Khavda. The company is setting up a 20GW hybrid plant of solar and wind energy, which will be operational in the next five years, he added.
Speaking on the funding, Jaain said that Adani Green currently has Rs 5,000 crore of cash and cash-equivalent. Jaain said that the company will look at “combination of debt and equity” as they have done in the past.
Last month, French oil major TotalEnergies said that it will invest $300 million to form a joint venture with Adani Green Energy to build renewable capacity in India “This is a joint venture which gives TotalEnergies direct access to ownership of the assets contributed by (Adani),” a TotalEnergies spokesperson had said, adding that it allows them to pursue their strategy of renewable growth in India. TotalEnergies already owns about 20 per cent of Adani Green.
Also read: France’s TotalEnergies to invest $300 mn in JV with Adani Green Energy
Also read: Adani Enterprises says Ministry of Corporate Affairs probing accounts of its two Mumbai airports
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