20,000-MW order book: Solar company bags order for supply of 600 MWp solar PV modules
The company has a market cap of over Rs 75,000 crore.
Waaree Energies Limited has secured a significant order for the supply of up to 600 MWp of solar photovoltaic (PV) modules from a prominent Indian entity specializing in owning, developing, and operating renewable energy projects. This domestic order is a one-time deal, and the module supply is slated to commence in the fiscal year 2025-2026. While specific terms and conditions beyond the module supply have not been disclosed, this substantial order underscores Waaree Energies' position as a key player in India's solar energy landscape.
Earlier, the company secured a significant order for the supply of up to 180 MWp of solar PV modules from a prominent Indian entity specializing in the ownership, development, and operation of renewable energy projects. This one-time order is scheduled to commence in late November 2024 and is expected to be completed by the end of the fourth quarter of the fiscal year 2025.
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.
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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 75,000 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.