Waaree Energies Outlines ₹30,000 Crore Capex Push to Fuel Global Expansion

Waaree Energies is betting big on the future of clean energy. India's largest solar PV module manufacturer has announced plans to invest ₹30,000 crore over the next two to three years to expand its manufacturing footprint in India and overseas, as demand for solar power continues to gather pace.

The company plans to fund the expansion through internal accruals, allowing it to pursue growth while maintaining its net debt-free balance sheet. The investment will focus on scaling production across the solar value chain, strengthening its presence in the US and tapping opportunities in new international markets.

Waaree to Ramp Up Manufacturing Capacity

Waaree Energies expects to spend around ₹9,000 crore in FY27, after already investing nearly ₹3,000 crore during the first quarter of the financial year.

A significant part of the capex will go towards a 10 GW solar cell manufacturing facility, which is expected to be commissioned in phases during the third and fourth quarters of FY27. The company is also setting up a 3.5 GW battery cell plant this year, while work is progressing on a 10 GW ingot and wafer manufacturing facility, scheduled to begin commercial production in FY28.

These investments are aimed at building an integrated manufacturing ecosystem, improving supply chain efficiency and supporting India's push to become a global solar manufacturing hub.

US Expansion and New Export Opportunities

Waaree is also strengthening its manufacturing base in the United States by adding 2.6 GW of solar module capacity in FY27. The facility qualifies for incentives under the US Inflation Reduction Act (IRA), which the company expects will improve margins by nearly 7 cents per watt.

The expansion comes after US authorities cleared Waaree over concerns related to the use of Chinese solar cells in previous exports, removing a key overhang for the business.

At the same time, the company is broadening its global reach across Europe, the Middle East, Australia, New Zealand and Africa. Proposed free trade agreements with European countries could create additional export opportunities for Indian solar manufacturers in the coming years.

Read more: Bihar's Flavoured Makhana Export to Canada is Giving Farmers a 50% Income Boost.

Conclusion 

Waaree's expansion plan reflects the growing confidence of Indian renewable energy companies in global demand for solar equipment. Rather than relying on debt, the company is using its strong cash flows to scale operations, diversify its manufacturing base and strengthen its position in key overseas markets.

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