Further Reduction in Indian Solar Module Price Unlikely_ Adani Interview

In a recently-released report, Mercom observed that in Q1 2019, the average selling price of domestic solar modules declined by about 3.5% from $0.277 (~₹19)/W to $0.268 (~₹18)/W.

Indian modules prices were slightly lower at $0.263 (~₹18.4) (in June). Once we factor in the 25% safeguard duty, it is found that the Indian modules are priced competitive with their Chinese counterparts and have captured considerable market share. Larger domestic manufacturers are faring better as they can reduce prices to capture business while smaller manufacturers are still struggling.

Mercom had a chance to interview Prashant Mathur, Chief Marketing Officer at Adani Solar, to discuss prevalent trends in the Indian solar module manufacturing sector.

Mathur pointed out that there is a shift towards monocrystalline (Mono) PERC module manufacturing and that it is unlikely there is a further decline in the Indian module ASPs.



The interview covered a range of issues related to the solar module segment of the renewable market. Here are excerpts from the interview:

  1. Can you share your product roadmap with our readers?

Multicrystalline modules continue to be our main product as of now, but we see that the trend is now moving towards Mono PERC and there are good prospects for products such as multi-bus bar, heterojunction, and half-cut cell modules. In the future, we believe that the market will shift towards Mono PERC and high-efficiency multi modules.

For multicrystalline modules, our current power outputs are above 335Wp, and we continue to drive that further. We are determined to further increase efficiency to 340 and 345 Wp during the next six months.

  1. How many bus bars does Adani Solar use?

Currently, we are at 5 bus bars. We are rapidly scaling up, and trials are underway for multi-wire or multi-bus bars for better reliability, performance, and efficiency.

  1. Is Adani shifting to Mono PERC production?

Since the inception of Adani Solar, we have been the early adopters in the production and manufacturing technology fronts. Adani Solar is India’s first vertically-integrated business that offers services across the spectrum of photovoltaic manufacturing, including Mono PERC modules which offer superior efficiency. We are the only Indian manufacturer with Mono PERC cell capacity and yes, going forward we will convert greater capacity from Multi to Mono depending on the trends. 

  1. Which is the highest capacity module produced by Adani Solar?

At present, the highest capacity module is in Mono PERC of 375 – 380 Wp. It should be noted that we are the only manufacturer in India to produce high-efficiency mono-facial and bifacial modules. We are confident of boosting these efficiencies. Our objective is to achieve a capacity of above 400 Wp modules in the next six to eight months.

  1. Which are the main markets for Adani Solar?

India continues to be one of the most promising markets. We are also present in the United States. There is a significant demand for our products in northern America. We are gradually exploring newer avenues in Europe, Australia, and the far east. 

  1. What is the retail market expansion plan, and what are the objectives?

We aim to enable the consumers, micro, small and medium scale industries, and institutions to gradually switch towards sustainable solar power at a CAPEX cost which delivers more value.

We have successfully activated eight of the 15 states planned. We aim to achieve greater reach and visibility of our product in the country by bringing down the power consumption costs for our consumers and reducing the load on the grid. 

  1. What is likely to be the price trend of solar modules in the upcoming quarters?

Currently, the solar modules are competitively priced, and further price reductions are unlikely. However, with the introduction of more advanced and efficient solar modules in the future, there will be a notable reduction in the cost of ownership.

Image credit: Adani Solar