Waaree Energies Bags 600 MW Solar Module Order

Waaree Energies Bags 600 MW Solar Module Order

Waaree Energies, the module manufacturing arm of the Waaree Group today announced bagging a 600 MW solar module order. The company in its filing before the exchanges informed its investors about the new order. The delivery of these modules is scheduled to begin in FY 2025-26, the firm said.

This contract involves the supply of Waaree’s high-efficiency modules. “Waaree Energies is renowned for their durability, energy output, and cutting-edge technology. As India’s only solar panel manufacturer featured in the RETC PV Benchmarking Report 2024, Waaree’s modules stand as a demonstration to quality, reliability, and performance. Waaree is a Tier 1 solar module manufacturer, recognized by Bloomberg New Energy Finance (BNEF), and operates an NABL-accredited testing lab, ensuring the highest standards of excellence. These distinctions strengthen the company’s role in powering renewable projects, enhancing energy reliability, and significantly reducing carbon emissions,” the company said in a media statement.

Repeat orders

Amit Paithankar, CEO, Waaree Energies Ltd., remarked, “We believe in the power of innovation and collaboration to address the energy needs of tomorrow. This project represents more than just megawatts; it symbolizes our nation’s progress toward energy self-reliance and sustainability. As we prepare for delivery in FY 2025-26, our focus remains on delivering world-class solar solutions that enable cleaner energy transitions, reduce carbon footprints, and fuel economic growth. Our ability to secure repeat orders highlights the trust we have established with our clients.”

Established in 1990, Waaree Energies is an Indian renewable energy company. Headquartered in Mumbai, it operated its manufacturing facilities with an installed capacity of ~13.3GW for solar PV modules (including 1.3GW of Indosolar). With presence across India and 25+ countries worldwide, it offers solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.

Expanding footprints 

The company recently entered into the Indian stock market by issuing its Initial Public Offering (IPO). The company, an winner of the Indian government Production-Linked Incentives (PLI) has planned its new solar cell manufacturing plants at Chikli in Gujarat and at Dhenkanal in Odisha.

The company had also announced its plan to start solar module manufacturing in the United States (US). The plan of the firm to venture into the US market was bolstered with the benefited under the Inflation Reduction Act of the government. Under the act, the government offers tax credit benefits to the solar manufacturers who want to invest in the country. On the other hand, as per a report from the Institute of Energy Economics and Financial Analysis (IEEFA), Waaree Energies was the highest exporter of its solar modules in the US market.