Waaree Energies bags orders 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 $2.37 billion from India and International markets to supply high efficiency bifacial solar panels of 540Wp and 600Wp, the company said today.

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.

Hitesh Doshi, Chairman & Managing Director, Waaree Energies Ltd stated, “These orders are consistent with Indian government's vision of Atmanirbhar Bharat, and will bring in more than $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.”

Solar modules manufactured by Waaree, 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.

The company currently operates four manufacturing facilities comprising five factories in India at Surat, Chikhli, Tumb and Nandigram. The company over the years has developed a track record of manufacturing high quality and technologically advanced PV modules. As of June 30, 2021, the company had 388 franchisees in 25 states and two Union Territories across India.