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US Tariffs on China Panels Boost Adani’s Solar Business

The Adani Group is benefiting from US tariffs on Chinese solar panels, creating a dual advantage for its solar ventures. The restrictions have opened export opportunities for Mundra Solar PV Ltd (MSPVL), a subsidiary of Adani Enterprises that manufactures panels in Gujarat, while Adani Green Energy Ltd (AGEL) continues to import panels from global suppliers, including Chinese majors JinkoSolar and LONGi, for its massive 30 GW solar park under construction at Khavda.

This arrangement allows Adani to maximize returns from global tariff arbitrage—exporting panels to the US at higher margins while sourcing competitively priced panels for domestic projects. However, the strategy may face hurdles as India tightens rules on imported panels to boost domestic manufacturing.

Unlike Adani, companies such as Tata Power and Waaree rely on in-house panels for their projects, avoiding dependence on imports. Credit rating agency India Ratings recently upgraded MSPVL to ‘Ind A+’, citing robust US export demand, where prices are nearly 20% higher compared to other destinations. Notably, about 80% of India’s solar exports currently head to the US.

The shift underscores India’s rising importance as a solar panel exporter amid geopolitical trade barriers and the ongoing global clean energy transition.