Adani Invest Into The PV Upstream

On Friday, India's Adani Group announced its official move into upstream PV, opening 30,000 tonnes of polysilicon and 500 tonnes of monosilane capacity through its Engineers India Limited unit.

EIL has signed a contract with Adani Group's Mundra Solar Technology division to build new polysilicon and silane projects in Gujarat, India.

It is understood that Adani Group is the largest infrastructure enterprise in India, its business scope involves power generation and transmission, coal and other energy mining fields, and is entering the fields of renewable energy, airports, data centers and defense. The group is actually controlled by Gautam Adani, India's new richest man. In September this year, under the soaring price of Adani, Adani was once the second richest person in the world after Tesla CEO Elon Musk.

In the Solar energy industry, Adani Solar, a subsidiary of Adani Group, is the largest PV module manufacturer in India, with a component shipment share of 7.0% in the Indian market in 2021, ranking fourth, next to Longi, Jinko and JA Solar.

Under the net zero emission target of 2070, India has also officially started large-scale solar energy production plan. However, India's local solar industry is mainly focused on midstream batteries and modules, and lacks upstream polysilicon capacity. The global polysilicon capacity is concentrated in China and the United States, so India's polysilicon demand is mainly dependent on imports. Will fill the gap.

Adani Group plans to build 2GW of ingot and wafer capacity by December 2023, and 10GW of polysilicon to solar module capacity by 2025. It already has cell and module production lines, and recently took its ingot capacity offline. The new polysilicon capacity is the main raw material for photovoltaic manufacturing. Silane is a gaseous compound used to produce polysilicon.