20,000-MW Order Book: Solar PV Module Manufacturer Bags 2 Orders of 398-MW from Domestic Entities
The supply of solar modules is slated to commence in the fiscal year 2025-2026.
Waaree Energies, a prominent solar solutions provider in India, has secured contracts for the supply of solar modules for two projects totalling 398 MW. These projects, a 249 MW and a 149 MW installation have been awarded by a renowned domestic entity specializing in the ownership, development, and operation of renewable energy projects within India. The supply of solar modules is slated to commence in the fiscal year 2025-2026.
Earlier, the company received a Letter of Award (LoA) for the development of a 170 MW Solar power plant in Madhya Pradesh, from Rewa Ultra Mega Solar Limited (RUMSL). The Solar power plant will enable the generation and transmission of clean energy via the Inter-State Transmission System (ISTS). The project will supply renewable energy to Madhya Pradesh Power Management Company Ltd and Indian Railways thus contributing significantly to India’s renewable energy goals.
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.
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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 89,900 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.