Waaree Energies Expands Solar Capacity With 3,000 MW Facility In Gujarat

Waaree Energies has started its operations at a 3,000 megawatt (MW), or 3 gigawatt (GW), per annum, solar module manufacturing plant at Samakhiali in Kutch, Gujarat.

The plant, which was developed by its subsidiary, Sangam Solar One, is composed of four production lines with each having a capacity of 750 MW, making it a total of 3,000 MW per year.

This is a big capacity addition in the process of expanding its manufacturing base.

How Does This Fit Into Expansion Plans?

The commissioning comes as part of Waaree Energies’ broader expansion strategy. In March, the company approved a capital expenditure of ₹3,900 crore to set up a glass manufacturing facility with a capacity of 2,500 tonnes per day through another subsidiary, Waaree Green Glass Private Limited.

The company is also expanding its international presence. Its subsidiary, Waaree Solar Americas Inc., in the United States has entered into a $30 million share subscription agreement with United Solar Holdings Inc. This reflects efforts to strengthen its global operations.

Also, Waaree has received a 500 MW solar module supply order with one of the domestic developers, which will be implemented in FY27.

How Has The Company Performed Recently?

In the last few quarters, Waaree Energies has indicated a good financial performance.

During the December quarter, net profit improved by 26% quarter-to-quarter to ₹1,062 crore, and the revenue grew by 24.7% to ₹7,656 crore.

The growth was supported by improved operating leverage and rising demand for solar modules.

Waaree Energies shares were trading slightly higher at 0.4% at about ₹3,110 during the session on 6 April following the announcement.

Also Read - No Change In FPI Investment Limits For G-Secs In FY27, Says RBI

What Does This Mean For Investors?

The new facility's commissioning is a clear signal to investors that the company’s capacity is expanding and the future of renewable energy looks promising.

The investments and order pipeline of the company indicate that there is still momentum. Investors should follow up the implementation of expansion strategies and demand patterns in the solar industry.

Sources:

CNBC TV18

ET Energy World