Waaree Energies’ Module Manufacturing Capacity to Reach 21 GW in FY-27
Waaree Energies, India’s largest manufacturer of solar power modules, is planning to increase its solar module manufacturing capacity to 21 GW by the end of FY-27 from the current 12 GW. The company currently operates four solar module manufacturing plants across India – in Chikhli, Surat and Tumb in Gujarat, and Nandigram in West Bengal.
Waaree Energies is currently in the process of setting up solar module manufacturing plants in Odisha, India and Texas, US. The company has also recently developed a solar cell manufacturing plant in Gujarat.
Waaree Energies’ Plans to Expand Solar Module & Cell Manufacturing
During Waaree Energies’ earnings call for its Q2 FY-25 financials, Mr. Amit Paithankar, Chief Executive Officer at Waaree Energies said that by the end of FY-27, the company will have 21 GW of module manufacturing capacity and 11 GW of solar cell manufacturing capacity. To cater its future goals, Waaree Energies is planning to establish a 6 GW solar module manufacturing plant in Odisha.
Currently, the company has a solar module manufacturing capacity of 12 GW and solar cell manufacturing capacity of 5.4 GW.
Waaree Energies’ IPO: Company’s Growth Catalyst in India
In October 2024, Waaree Energies launched its Initial Public Offering (IPO) and the company is now listed on Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The company had mentioned in its Red Herring Prospectus (RHP) that the funds raised from this IPO will partly be used to finance development of its upcoming solar module manufacturing plant in Odisha.
Waaree’s Odisha Solar Module Plant to come up with Rs. 25,000 Cr.
Waaree Energies Ltd. will be investing Rs. 25,000 crore for the development of a 6 GW solar module manufacturing plant at Neulopoi in Dhenkanal district of Odisha. This plant will produce 10,000 MW of solar modules, and 10,000 MW each of Ingot and solar wafers. Waaree Energies will develop this plant in an area of 600 acres. The ground breaking ceremony of this plant was conducted on 15th December 2024.
As per media reports, this upcoming plant will be the largest in Eastern India. This project is expected to create job opportunities for about 14,000 people in a period of next five years.
The company expects to commence production at this plant by 2027.
Waaree Energies’ New Plants in Gujarat and USA
Waaree Energies Augments PV Cell Production in Gujarat with 5.4 GW Plant
As a part of its expansion plan, the company has set up a solar cell manufacturing plant with a capacity of about 5.4 GW at Chikhli in Gujarat with an investment of Rs. 2,400 crore. This plant has been designed to manufacture 1.4 GW of Mono PERC solar power cells and 4 GW of TOPCon cells.
Mr. Paithankar said that this plant will reach its full production capacity of 5.4 GW by March 2025 and will bring the company’s total cell production capacity to 10.8 GW. Going by the company’s Q2 FY-25 earnings call, commercial production at this plant has already begun.
Waaree Energies to Expand its Presence in United States
Mentioning Waaree Energies’ global market presence, Mr. Paithankar said that the ‘most important’ markets for the company are in India and United States. To expand its market presence in US, the company will set up a 1.6 GW solar module manufacturing facility in Texas. This plant is expected to begin operations by the end of January 2025.
Highlighting the company’s order book as of 30th September 2024, Mr. Paithankar added that 27.5% of the company’s order are from India and 72.5% of the orders are from foreign countries.
Waaree Energies’ Strong Stock Performance since IPO
Since its listing on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), Waaree Energies’ stock has gained 19.46%.
The company’s share price stood at Rs. 2,338.90 apiece at the time of listing (28th October 2024), and reached Rs. 2,790.40 per share on 27th December 2024 (almost at the end of Q3 of FY-25). The company’s share price peaked at Rs. 3,636.60 apiece on 6th November 2024. This growth highlights Waaree Energies as one of the fastest-growing Renewable Energy (RE) companies in India.
Some of the major order wins of Waaree Energies include 900 module supply order from Serentica Renewables in July 2024 and 412.5 module supply order from Juna Renewable Energy Pvt. Ltd in June 2024. In May 2024, the company had won an order to supply 445 MW of modules at Statkraft India’s solar power projects in Bikaner, Rajasthan.
About Waaree Energies: Waaree Energies was established in 1990, and today, it is India’s largest solar module manufacturer in terms of volume with an annual production capacity of 12 GW. The company reported a revenue of Rs. 3,574.38 crore during Q2 of FY-25 and a Profit After Tax (PAT) of Rs. 375.66 crore.
