India's Adani Group is reportedly planning to more than double its current solar power manufacturing capacity to 10GW by 2027.
Adani Solar currently has 4GW of capacity but plans to massively ramp up its deployment in the next four years, reports India’s Economic Times, citing sources close to the company.
Adani Solar, which is a subsidiary within Adani Group, reportedly has confirmed orders of over 3GW.
The company recently raised $394m for its solar manufacturing operations from Barclays and Deutsche Bank to support its operations.
Adani Solar began producing solar panels in 2016, with a 1.2GW cell and module manufacturing capacity.
Indian billionaire Gautam Adani recently announced his Adani Group will build the world’s largest hybrid renewable energy plant at 20GW in record time, as the conglomerate battles back from a controversy over financial malpractice allegations.
Adani Group suffered a share rout earlier this year sparked by a report from a short-selling US research group called Hindenburg ahead of a $2.5bn share issue by its Adani Enterprises unit, with extraordinary claims that the Adani conglomerate had engaged in “brazen stock manipulation and accounting fraud”.
Adani has fiercely denied any malpractice.
More recently, longtime Adani Group partner TotalEnergies gave a show of faith in the embattled conglomerate by inking a deal for a gigawatt of green projects, having previously put their partnership on ice in the wake of the fraud allegations.
Legal proceedings concerning the allegations continue in India.