By fiscal year 2026-27, Waaree Energies hopes to have an integrated solar cell manufacturing facility with a capacity of 11.4 gigawatts (GW), according to Sonal Shrivastava, the company’s chief financial officer. With an approximate expenditure of Rs 2,400–2,500 crores, Waaree Energies will commission 5.4 GW of solar cell production capacity in the current fiscal year. By FY27, the remaining 6 GW of integrated manufacturing facility will be ready to create ingots, wafers, and solar cells.
Additionally, by the end of the current fiscal year, the business intends to invest $70-80 million to commission 1.6 GW of module production capacity in the US. The company can currently produce 13.3 GW of modules.
We anticipate that by the end of this year, our 5.4 GW of cell capacity will be operational. Second, our 1.6 GW US facility will also be put into service. It is anticipated to increase the capacity. According to Shrivastava, each of these facilities should benefit us both financially and strategically. The company now has a 20 GW capacity order book, with exports accounting for about 72% of orders.
With plans to establish manufacturing facilities in these areas in the future, the company is aiming to expand its business in West Asia, Africa, and the European Union in addition to its primary export of solar products to the US. Speaking about the group’s intentions for diversification, Shrivastava mentioned that the business is also considering establishing a wholly-owned subsidiary to manufacture green hydrogen electrolyzers.
“Our overarching plan, which involves bridging the energy transition, has always been discussed. We are already in the forefront of the solar industry in India, and we will undoubtedly put in more effort to grow our business there. However, this is providing us with an opportunity to venture into the other two areas, which we have also talked about at the board level: electrolyzers and battery energy storage,” the CFO stated.
Under the government’s Strategic Interventions for Green Hydrogen Transition (SIGHT) program, the company has already secured a contract to establish a 300 MW electrolyzer manufacturing facility.
