Adani Solar Hits Global #8 Ranking: India's Solar Manufacturing Leap in Wood Mackenzie Report

• Published
• By Anupam Nath

Adani Solar has achieved a historic milestone by securing the 8th position in Wood Mackenzie's Global Solar Module Manufacturer Ranking for the first half of 2025, becoming the only Indian company in the top 10. This recognition underscores India's rising prowess in clean energy manufacturing amid global shifts away from Chinese dominance. The Grade A classification highlights Adani's excellence in technology, supply chain resilience, and sustainability practices.

India's Breakthrough in Global Solar RankingsWood Mackenzie, a leading global energy consultancy, evaluates solar panel makers based on 10 key criteria including third-party reliability testing, financial health, manufacturing track record, and patent activity. Adani Solar, part of Adani New Industries Limited (ANIL), earned a score of 81, trailing leaders JA Solar (91.7) and Trina Solar (91.6) but outperforming many established players. This debut entry signals India's integrated manufacturing capabilities, with Adani standing out for vertical integration from ingots to modules.

The report notes increasing competition from India, South Korea, Singapore, and the US, driven by strict trade policies curbing Chinese exports. While top 10 firms collectively posted a $2.2 billion net loss due to plunging prices, non-Chinese companies like Adani focused on premium markets and maintained profitability. Adani achieved a perfect 100% utilization rate, far above the global average of 43%, shipping modules efficiently.

Adani Solar's Manufacturing ProwessLocated in Mundra, Gujarat, Adani Solar's state-of-the-art facility produces next-generation high-efficiency modules, encompassing ingots, wafers, cells, modules, solar glass, aluminum frames, and EVA backsheets. Approximately 70% of its modules use in-house produced solar cells, showcasing end-to-end control. By 2025, the company shipped over 15,000 MW (15 GW) of modules—10 GW domestically and 5 GW for exports—fueling India's renewable push.

This scale supports India's ambitious 500 GW renewable energy target by 2030, with solar at the forefront. Adani has created over 8,000 direct green jobs and thousands indirectly, boosting local economies in Gujarat and beyond. Plans to expand annual capacity to 10 GW by the next fiscal year position Adani as a key player in domestic content requirements under government policies.

Technology and Sustainability EdgeAdani's Grade A rating reflects strengths in R&D, ESG practices, and corporate responsibility. The company invests heavily in advanced TOPCon and HJT cell technologies for higher efficiency. Robust supply chains mitigate global disruptions, while backward integration reduces costs and import dependence. Wood Mackenzie praises Adani's bankability and performance, critical for securing EPC contracts and utility-scale projects.

Top 10 manufacturers shipped 224 GW in H1 2025, capturing 75% of global demand. Adani's focus on quality over volume aligns with trends toward reliable, bankable suppliers amid US and EU tariffs on cheap Chinese panels. This positions India as an alternative hub, with Adani leading the charge alongside firms like Tata Power and NTPC Green Energy.

Global Context and Future OutlookChinese firms still dominate the top 10, but diversification is accelerating. India's PLI scheme has spurred $10+ billion in investments, creating 50 GW+ module capacity. Adani's success validates this strategy, potentially inspiring exports to 100+ countries. Challenges like module price crashes persist, but Adani's premium positioning and 100% utilization provide resilience.

Looking ahead, Adani aims for 10 GW cell and module capacity by mid-2026, integrating with green hydrogen and BESS projects. This aligns with Gautam Adani's vision for a $100 billion green portfolio. As India adds 20 GW solar annually, Adani Solar will power grid stability and EV transition.

Implications for India's Energy TransitionThis ranking boosts investor confidence in Indian renewables, with Adani Green Energy's stock likely to benefit. It reinforces 'Make in India' in high-tech manufacturing, reducing $5-7 billion annual solar imports. Policymakers may leverage this for favorable tariffs and incentives.

For global markets, Adani offers a trusted non-Chinese source, aiding energy security. Competitors like Suzlon and KPI Green gain indirect validation. Ultimately, Adani Solar's ascent marks India's shift from importer to exporter, pivotal for net-zero goals by 2070.

In summary, Adani Solar's #8 spot is more than a ranking—it's a testament to innovation, execution, and strategic foresight propelling India onto the world solar stage