Waaree Energies, a Mumbai-based solar panel manufacturer, plans to integrate solar cell manufacturing in their portfolio by the end of FY24, Hitesh Doshi, chairman and managing director (CMD), Waaree Energies. He said that 5.4 gigawatt (GW) of solar cell capacity addition is already in the pipeline and additionally, the recent acquisition of Indosolar will also aid this development. “To meet the demands of the local market, we are not only expanding our capacity but will also provide the latest high efficiency technologies. We have also maintained our position as the leaders with the commitment
of diversified expansion and have also acquired Indosolar which will enable the capacity expansion of solar cells manufacturing of 5.4 GW,” said Doshi. With the addition of Indo solar, modules will be made at Greater Noida in NCR for the domestic market from the third quarter of 2022.
“In 2023, we look forward to more deployment of solar projects and a considerable increase in domestic manufacturing with growing demand. We are hopeful that PLI-II will provide an impetus to production, especially with the right policies in place,” he said. Doshi added that domestic manufacturers need steady demand, which can come from awarded projects once they start deployment and implementation of various policies is carried out.
Waaree Energies already has 12 GW of solar modules capacity addition in the pipeline. It had recently announced that it was ramping up its manufacturing capacity to 12 GW from the existing 9 GW operational capacity for a 650-watt module by March 2023 to become the largest module manufacturing capacity in the world outside of China. The company is the only manufacturer in India, approved by ALMM, to ship high-wattage panels from its manufacturing facilities in Surat, Chikhli, Tumb, and Nandigram.
