Synopsis
Waaree Energies is planning significant expansion in the US. The company may build a solar cell manufacturing facility there. This follows an increase in module manufacturing capacity. Waaree aims to boost its market share in the growing US solar market. The company is also focusing on an energy transition ecosystem in India.
AgenciesMumbai: Solar module manufacturer Waaree Energies may consider building a solar cell manufacturing facility in the US to grow its operations in the country, said Hitesh Doshi, chairman and managing director.
The company currently has a solar module manufacturing unit in the US where it aims to expand capacity to 4.5 GW over the next six months from 1.6 GW with further expansions planned in the future.
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“We can plan to have a solar cell manufacturing facility in the US,” said Doshi. “But, first, we have to finish the module manufacturing expansion to 4.5 GW,” he said, adding that the company intends to increase its market share in the US.
The US solar market has an annual demand of 50-60 GW, with 80-85% dependent on imports.
In a bid to expand its US module manufacturing, Waaree Solar Americas Inc, a subsidiary of Waaree Energies, last September acquired the US assets of bankrupt Swiss firm Meyer Burger for $18.5 million (₹164 crore). It included an assembly line to produce 1 GW of solar modules a year using heterojunction technology (HJT).
ET BureauON TARGET To raise module manufacturing capacity from 1.6 GW to 4.5 GW in next 6 months
According to Waaree, the US market is continuing to grow despite geopolitical uncertainties and changing trade restrictions. The company highlighted that countries worldwide are increasingly focusing on energy security and building non-Chinese supply chains.
“Our market share is very small right now in the US but we intend to increase the same by offering what exactly the regulation and the customer wants,” said Doshi. ” So far, we are successful in doing it and we will continue to increase the local production there.”
In India, Waaree Energies has a 15-18% market share, which it plans to increase by expanding into the entire value chain of renewable energy.
“We are focusing on an energy transition ecosystem,” said Doshi.
The company is aiming to boost annual revenue fourfold to ₹1 trillion by 2030. This will be achieved by its presence in the entire solar value chain spanning battery storage, electrolysers, inverters, transformers, solar glass, smart meters, and transmission and distribution.
Waaree is preparing for its next phase of growth through a proposed ₹10,000 crore fundraising exercise, aimed at expanding its clean energy portfolio and pursuing strategic acquisitions globally.
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The fresh capital will be deployed across solar manufacturing, batteries, electrolysers, transmission infrastructure, smart meters and other energy transition businesses, the company said.
Waaree currently has a global module manufacturing capacity of 28 GW. Of the previously announced 15 GW expansion, 5 GW has become operational, while another 10 GW is expected to be commissioned this fiscal year. The company also said it expects to commence battery and electrolyser manufacturing operations this year as part of a broader diversification strategy.
On the financial front, Waaree guided for Ebitda of ₹7,000-7,700 crore in FY27, compared to ₹5,908 crore last fiscal.
