20,000-MW order book: Solar company bags orders for supply of upto 524 MWp solar PV modules in India
The company operates 5 manufacturing facilities in India, with a total installed capacity of 12 GW as of June 2024.
Waaree Energies Limited has 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.
Earlier, Waaree Energies secured two significant orders for solar PV modules from prominent Indian renewable energy entities. The first, a one-time deal for up to 600 MWp, will commence in FY2025-26. The second, for up to 180 MWp, is scheduled for late November 2024 to Q4 FY2025. These orders solidify Waaree Energies' position as a key player in India's solar energy market.
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 78,000 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.