Benefiting from US curbs on Chinese solar panels, Adani’s two ventures thrive on exports and domestic growth.
The US clampdown on Chinese solar panels has created a unique opportunity for the Adani Group, with its two solar businesses benefiting simultaneously from the global tariff scenario. While Adani’s Mundra Solar PV Ltd (MSPVL) manufactures solar cells and modules for export to the US, Adani Green Energy Ltd relies on imports of Chinese and domestic panels to build large solar power projects in India.
The US tariffs on Chinese imports have excluded Indian solar products, enabling companies like Adani to expand their footprint in the American market. India has now emerged as a key exporter of solar modules to the US, with nearly 80% of shipments heading there, according to S&P Platts. MSPVL, a subsidiary of Adani Enterprises, has already seen its rating upgraded by India Ratings due to higher export margins.
At the same time, Adani Green is building the world’s largest solar park at Khavda in Gujarat, sourcing panels from Chinese majors like JinkoSolar and LONGi, alongside local firms. This dual strategy allows the group to balance risks, capitalising on exports through one arm while ensuring cost efficiency for domestic projects through the other.
Experts caution, however, that this arbitrage could be short-lived as India is also considering tighter restrictions on imported solar panels. Still, Adani’s positioning places it ahead of rivals such as Tata Power and Waaree Energy, which rely heavily on in-house panels for their solar plants.
By leveraging both global trade shifts and domestic demand, Adani has turned geopolitical headwinds into a win-win, strengthening its twin solar businesses amid volatile market conditions.
