20,000-MW Order Book: Solar PV Module Manufacturer Bags Order For 180 Mwp From Renowned Customer Engaged In Renewable Power Projects in India
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. I
Waaree Energies, a leading solar solutions provider in India, has secured a Letter of Award from a prominent domestic entity engaged in owning, developing, and operating renewable power projects in India. The order involves the supply of 180 MWp of solar PV modules, scheduled to commence in FY 2025-26. This one-time order underscores Waaree Energies' strong market position and its commitment to delivering high-quality solar solutions to the growing Indian renewable energy sector.
Earlier, Waaree Energies Limited has entered into a Share Purchase Agreement to acquire Enel Green Power India Private Limited (EGPIPL) for a total consideration of upto Rs 792 crore. EGPIPL is the Indian subsidiary of Enel Green Power Development S.r.l, a leading European renewable energy company. The acquisition will diversify Waaree's revenue streams, enhance its wind project execution capabilities, and expedite the growth of its IPP business. EGPIPL has a portfolio of 640 MWAC (760 MWDC) solar and wind energy plants, and reported a turnover of Rs 112 crore in FY24.
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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 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.