Waaree Energies to move 6 GW solar module project to new sites in India

The board of Waaree Energies has approved plans to relocate its 6 GW ingot-to-solar module manufacturing facility from Odisha to multiple sites across Gujarat, Maharashtra and other Indian states. The shift aims to optimize infrastructure and logistics for the integrated project.

Waaree Energies' board has approved a change in the location of its planned 6 GW ingot-to-solar module manufacturing project.

The company secured the project with incentives of INR 19.23 billion ($221.6 million) under the second round of the Indian government’s production-linked incentive (PLI) scheme for high-efficiency solar modules. It was initially planned for Odisha, as stated in the company's October 2024 IPO prospectus. It was to be partially financed through net proceeds from the public issue.

The board approved relocating the manufacturing to multiple sites across Gujarat, Maharashtra and other potential states, citing delays in project execution in Odisha. The revised plan includes a 3 GW module facility in Samakhiali, Gujarat; another 3 GW module facility in Gujarat, Tamil Nadu or other locations; a 6 GW cell facility in Unn, Gujarat; and a 6 GW ingot and wafer facility in Nagpur, Maharashtra.

Waaree Energies said the relocation aims to expedite implementation and ensure effective use of IPO proceeds. The company added that the overall capital outlay for the new plan remains unchanged and provided a breakdown of the planned capital expenditure.