Waaree Energies to set up 11.4GW solar cell capacity by FY27 – EQ
In Short : Waaree Energies has announced plans to establish a 11.4 GW solar cell manufacturing capacity by FY27. This expansion aims to bolster India’s renewable energy ambitions, enhance domestic manufacturing, and reduce reliance on imports. The move aligns with the government’s “Make in India” initiative, supporting the transition to sustainable energy and accelerating the adoption of solar power across the country.
In Detail : Waaree Energies aims to set up 11.4 gigawatt (GW) integrated solar cell manufacturing facility by fiscal year 2026-27, the company’s chief financial officer Sonal Shrivastava said. Of this, Waaree Energies will commission 5.4 GW of solar cell manufacturing capacity with an estimated investment of Rs 2,400-2,500 crores in the current fiscal and the remaining 6 GW integrated manufacturing facility to produce ingots, wafers, and solar cells by FY27.
Additionally, the company also plans to commission 1.6 GW module manufacturing capacity in the US with an investment of $70-80 million by the end of current fiscal year. The company presently has 13.3 GW of module manufacturing capacity.
“We are expecting our 5.4 GW of cell capacity to be commissioned by the end of this year. Secondly, our US facility, which is about 1.6 GW will also be commissioned. It is expected to add to the capacity. Both of these facilities are expected to help us not only in the topline but also in the bottom line,” Shrivastava said. “We are looking forward to these expansions to kick-in.”
The company presently has an order book for 20 GW capacity with around 72% of orders accounting for exports
The company primarily exports solar products to the US but is also looking to increase its business in West Asia, Africa, and the European Union, with plans to set up manufacturing facilities in these regions in the future.
“Right now our major export destination is the US and we are looking to other markets, such as the West Asia, Africa and the EU. We also have plans to set up facilities in these regions,” Shrivastava said.
Apart from its investment in setting up of manufacturing capacities, the company also plans to invest another Rs 600 crore into its wholly-owned subsidiaries for building infrastructure and development of renewable power projects. “This is essentially for development of land and connectivity. It will become our main platform for some of the energy transition projects that we’re talking about in solar energy,” she said.
Talking about the group’s diversification plans, Shrivastava noted that the company is also looking at setting up electrolyser manufacturing capacity for green hydrogen through its wholly-owned subsidiary.
“We have always talked about our overall strategy, which is straddling the energy transition. Solar is one step where we are already leading in India and, of course, we will work more hard on our business there. But this is giving us a chance to enter into the other two segments, electrolysers and battery energy storage, that we’ve also discussed at the board level,” the CFO said.
The company has already won a contract under the government’s Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme to set up a 300 MW of electrolyser manufacturing capacity.
