Bloomberg New Energy Finance (BNEF) in its latest quarterly report, dated February 20, that ranks solar PV module manufacturers according to the reliability and performance of its PV modules, has assigned a world class tier-1 bankable status to Adani Solar.
It is a fourth Indian solar module manufacturer to be included in the list. Before that Tata Power Solar, Waaree Energies, and Vikram Solar has been recognized by the BNEF.
While this is undoubtedly creating waves across the segment in India’s renewable energy sector, for the Adani Group, it merely serves as a springboard for a promising future.
The most laudable aspect of this achievement, however, is the fact that Adani Solar launched its operations only a year back.
Worldwide, energy enthusiast testifies the veracity of BNEF’s rankings being the gold standard and a vital industry parameter to judge the capability, and bankability of a manufacturer. Also, signify the quality of the manufacturer, but BNEF recommends to check with technical due diligence firms like TÜV, Edif ERA, E3, STS Certified, and others, for the quality.
For its success in the segment, the company attributed to its solar PV cells and modules based on advanced multi-crystalline, mono-PERC and bifacial cell technology and its research and development, which it claims to be 6-12 months ahead of its competition.
Adani Solar is the first company in the world to start a greenfield project in solar energy of GW scale, and has completed a 1.2 GW cell/module facility (Phase 1) within a year with equipments sourced from European suppliers. This facility currently sits at a remarkable 1.5 GW capacity.
Globally, China leads the solar cell and module market that supplies 50% of the total demand. Companies like Adani Solar have made globally available an alternative to Chinese-manufactured modules. The beneficiaries are not only the global markets, but also the Indian market for which indigenously made solar modules is imperative to sustain its solar goals.
Ambitious energy goals
The company said that it aims to become a global supplier of choice for PV products while achieving cost leadership, and the excellent rating by BNEF is a ringing endorsement of the reliability of its modules.
Moreover, it has also initiated a development plan for 3 GW of integrated PV manufacturing including polysilicon/ingot/wafer capability to double its capacity in two years. However, in an exclusive interview with pv magazine, Adani Green Energy Ltd, CEO, Jayant Parimal has mentioned only 2 GW plan.
Meanwhile, to help its development plan, the company have already tied up with several global institutes for material and process improvements. For instance, the International Solar Energy Research Center Konstanz (ISC Konstanz), the University of New South Wales, Australia (UNSW), Photovoltaik-Institute (PI) Berlin, and Fraunhofer ISE, Germany.
Standing as India’s largest solar cell and module manufacturer, Adani Solar has been continuously setting new benchmarks for other aspirants in the Indian solar energy sector to follow. This stamp of excellence by BNEF ultimately bodes well not only for the company’s ambitions, but also for India’s renewable energy aspirations and carbon emission reduction targets.