20,000-MW Order Book: Solar PV Module Manufacturer Bags Order for Development of 170 MW Solar Power Plant from Rewa Ultra Mega Solar Limited (RUMSL)
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.
Waaree Energies, a leading solar solutions provider in India, has 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.
Earlier, the company secured a significant 1 GW order for the supply of solar modules from a prominent Indian renewable energy company. This substantial order, scheduled for delivery over the fiscal years 2024-2025 and 2025-2026, underscores Waaree's strong position in the domestic solar market and its unwavering commitment to powering India's sustainable future. In addition to this major order, Waaree Energies has further solidified its commitment to quality and innovation by achieving NABL accreditation for its advanced PV Module Test Lab (PMTL) under the rigorous ISO/IEC 17025:2017 standards. This accreditation empowers the lab to deliver precise and reliable testing results, ensuring that Waaree's PV modules meet the highest global standards of performance, safety, and durability. This milestone, coupled with recent significant orders totalling 524 MWp, reinforces Waaree's position as a leading player in the Indian solar industry and contributes to India's ambitious goal of becoming a global solar manufacturing hub.
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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 94,000 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.