Waaree Targets 5 GW Capacity by 2021 With 3 GW Module Line From Jinchen

Waaree Energies Yet To See Approval For Issue Of IPO

Chinese module manufacturer Yingkou Jinchen Machinery Co., Ltd. (Jinchen), has announced the signing of a deal with Mumbai based manufacturer Waaree Energies for a 3 GW high efficiency photovoltaic modules automatic production line. This is the largest stand alone project for any Chinese equipment manufacturer and any firm overseas.

Waaree, led by Chairman and MD Hitesh Doshi, is India’s largest PV module manufacturer along with Adani solar, and has been working with Jinchen for several years. The firm has an existing capacity of 2 GW. The 3GW solar PV module production line signed this time will be delivered in April 2021, and officially put into operation in June 2021. By then, Waaree’s total capacity on module manufacturing will reach 5GW, making it the largest module manufacturer in India.

Vikas Singh, Key account Manager, Jinchen group was quoted saying that , “The cooperation between Jinchen and Waaree is another successful example of Jinchen’s “Intelligent manufacturing” participating in global sustainable development. Multiple repetitive orders from all valued customers in India and overseas; show customer’s satisfaction and trust on Jinchen.”

While Waaree will hope that the policy environment in terms of higher duties on imports changes by the time its fresh production comes on stream, sticking to module manufacturing also leaves  it dependent on vagaries of price movement in other key inputs, especially solar cells. An issue that had dogged module manufacturers in India hard in 2020.

Waaree has sold over 3 GW solar panels till date, and has targeted the export market successfully, with a recent order for 105 MW to the US still fresh. The firm had also recently obtained  IECEE CB certifications  for its bifacial modules, a first for a firm in India.