WAAREE Energies Builds Order Pipeline Worth $2.37 billion

Waaree Energies Limited, one of the major players in the solar energy industry in India focused on photo-voltaic (PV) module manufacturing has bagged new orders worth USD 2.37 billion from India and International markets to supply high efficiency bifacial solar panels of 540Wp and 600Wp. These panels will be produced in Waaree’s manufacturing facility using M10 and M12 cells.

Waaree currently has a 4 GW PV module manufacturing capacity and plans to add another 5 GW by Dec 2022. 4 GW solar cell manufacturing capacity is expected to be operational by March 2023. All it’s manufacturing units are in Gujarat. The firm had also filed plans for an IPO early this year.

Hitesh Doshi, Chairman & Managing Director, Waaree Energies Limited stated, “These orders are consistent with Indian government’s vision of Atmanirbhar Bharat, and will bring in more than USD 2 billion in foreign exchange while creating hundreds of job opportunities. These orders will enable us in strengthening our market position as we diversify our clientele and expand into newer markets. It is a matter of great pleasure for the entire Waaree family that customers globally continue to acknowledge and accept the constant endeavors to provide high quality and high efficiency Solar PV Modules.”

Solar modules manufactured by Waaree and confirming to global standards have been delivered to 19 countries. Waaree Energies has also consistently received “Tier-1 PV module manufacturer” rating from the Bloomberg New Energy Finance (BNEF) in 2018, 2019, 2020 and 2021. PVEL, a globally recognized Lab in photovoltaic testing, has recently recognized Waaree as Top Performers in its 2022 Scorecard.

Waaree’s four manufacturing facilities comprising of five factories in India at Surat, Chikhli, Tumb and Nandigram. As of June 30, 2021, the company had 388 franchisees in 25 states and two Union Territories across India. The strong domestic presence has allowed the firm to rank consistently among the top 3 manufacturers and sellers in the domestic market too, even as its exports performance has served to establish its quality credentials.