20,000-MW order book: India’s Largest Solar PV Module Manufacturer Secures NABL Accreditation for Advanced Testing Lab
The company's advanced PV Module Test Lab (PMTL) located in Chikhli, Gujarat, has successfully secured NABL accreditation.
Waaree Energies, a prominent player in the Indian solar industry, has once again demonstrated its commitment to quality and innovation. The company's advanced PV Module Test Lab (PMTL) located in Chikhli, Gujarat, has successfully secured NABL accreditation. This significant achievement, under the ISO/IEC 17025:2017 standards, signifies the lab's ability to deliver precise and reliable testing results across a wide range of parameters. This is the second time Waaree has received NABL accreditation, previously awarded to its Tumb manufacturing facility.
The NABL-accredited PMTL is equipped to conduct a comprehensive suite of tests, including thermal cycling, damp heat, mechanical load, and potential-induced degradation. These tests ensure that Waaree's PV modules meet the highest standards of performance, safety, and durability. By adhering to international testing protocols, the company guarantees that its products can withstand diverse environmental conditions while maintaining optimal efficiency. Additionally, the PMTL can perform specialized tests across various disciplines, further solidifying Waaree's position as a leader in solar technology.
With this latest achievement, Waaree reinforces its position as a global leader in the solar industry. The enhanced testing capabilities and improved production standards will enable the company to meet the growing international demand for high-quality solar modules. This aligns with India's vision to become a global hub for solar manufacturing and export. By prioritizing sustainability and innovation, Waaree is driving India's transition to a cleaner and greener future.
Earlier, the company secured significant orders totalling 524 MWp from prominent Indian entities involved in the renewable energy sector. These orders pertain to the supply of Solar PV Modules and are expected to be fulfilled over the fiscal years 2024-2025 and 2025-2026. While the specific names of the entities awarding these contracts have not been disclosed, the nature of the orders is one-time and domestic. The substantial size of these orders, amounting to 524 MWp, underscores Waaree Energies' strong position in the Indian solar PV market.
DSIJ’s 'multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.
About the Company
Waaree Energies Limited, an Indian solar energy company, has been a significant player in the global solar industry since its inception in 1990. With an aggregate installed capacity of 12 GW, the company is India's largest manufacturer and exporter of solar PV modules. As of FY24, Waaree holds a 21 per cent share of the domestic market for solar modules and a 44 per cent share in India's solar module exports. Its installed capacity surged from 2 GW in FY21 to 13.3 GW by FY24. Waaree's product portfolio includes a diverse range of solar solutions, such as multicrystalline, monocrystalline, and advanced TOPCon modules. The company operates 5 manufacturing facilities in India, with a total installed capacity of 12 GW as of June 2024. Waaree is expanding its facilities to reach 20.9 GW by 2027, including backward integration into solar cells, ingot and wafer production.
To cater to the growing demand in the United States, Waaree is setting up a 1.6 GW solar PV module manufacturing facility in Houston, Texas, which is expected to be operational by the end of FY25. The company plans to expand this facility's capacity to 5 GW by FY27. Waaree's strategic focus on backward integration is evident in its plans to establish a fully integrated 6 GW facility in Odisha to produce ingots, wafers, solar cells, and solar PV modules. This facility is expected to commence commercial operations by FY27.
The company has a market cap of over Rs 80,000 crore. As of September 30, 2024, Waaree Energies Limited boasts a substantial 20-GW or 20,000-MW order book for solar PV modules, including domestic, export, and franchisee orders. Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.