India’s solar module boom shows ‘China’ cracks

“There is overcapacity and overvaluation,” said Harsh Singhal, partner at ProsperETE, a climate-focused private equity firm. “Investors need to be careful about how competitive we are visa-vis China and how the government will respond to the market going forward.”

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Adani Solar's ingot and wafer facility at Mundra, Gujarat.

A projected increase in power demand across India adds another challenge to the country’s effort to add renewables while weaning itself off cheap Chinese imports. India’s per capita electricity consumption is a third of the global average, according to government estimates, but is expected to surge to power its economic engine.