Waaree Energies Ltd., an India-based integrated renewable energy company, is expanding its global solar energy operations ahead of its initial public offering (IPO).
Currently focusing on the US, where it is establishing a 3-gigawatt (GW) solar module manufacturing plant, the company plans to extend its reach to the European Union and the Middle East.
“We expect 1.6-GW module capacity to be operational before March 2025,” said CEO Amit Paithankar, with the potential to increase the facility’s capacity to 5 GW depending on market demand.
To meet global renewable energy needs, Waaree is leveraging its 13.3 GW solar module manufacturing capacity in India, which it plans to expand to 21 GW by 2027.
Paithankar highlighted the company’s plans for international growth, saying, “We are looking at international geographies as well, especially in the European Union and Middle East. We have already opened an office in Dubai.”
In addition to module production, Waaree is boosting its solar cell capacity. It expects to commission 5.4 GW of solar cell manufacturing in Chikhli, Gujarat, by March 2025, and aims to reach 11 GW of cell capacity and 6 GW of ingot and wafer capacity by 2027.
A new 6 GW integrated solar ingot, wafer, cell, and module manufacturing plant is also under development in Odisha, with a Rs 9,000 crore investment over the next two years.
The IPO will provide Rs 2,775 crore toward this project, with the remainder funded through internal accruals and Rs 5,000 crore debt from SBI, according to Chief Financial Officer Sonal Shrivastava.
With this expansion, Waaree aims to meet the rising global demand for solar energy and strengthen its international presence.
