Waaree Energies Approves ₹850 Crore for Green Energy Expansion

Waaree Energies Ltd announced its board has approved a total investment of ₹850 crore to establish manufacturing facilities for electrolysers and storage cells.

The investments include:

• ₹551 crore in capex and ₹200 crore investment for a 300 MW electrolyser plant under the PLI scheme through Waaree Clean Energy Solutions, a wholly-owned subsidiary.
• ₹2,073 crore in capex and ₹650 crore investment to set up a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing facility through Waaree Energy Storage Solutions.

₹130 Crore Capex for Inverter Business

The board also approved an additional ₹130 crore capital expenditure for the inverter business, managed by its subsidiary Waaree Power Private Limited.

Funding Details

These projects will be financed through a combination of debt and internal accruals, ensuring strong financial backing for the company’s expansion plans.

Leadership Appointment

In leadership developments, Waaree Energies appointed Amit Paithanka, the current CEO, as an Additional Director and Whole-Time Director for 5 years starting December 23, 2024. This decision awaits shareholder approval.

Waaree Energies share price opened at ₹2,958.70 on December 24, 2024, and reached an intraday high of ₹2,975.00. As of 9:34 AM, the stock is trading at ₹2,941.05, reflecting a gain of ₹8.60 or 0.29% from the previous close.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.