Waaree Energies, based in Mumbai, has revealed ambitious plans to invest around $1 billion in establishing a solar module manufacturing plant in Texas, USA. The facility, strategically located in Brookshire near Houston, aims to have an initial annual production capacity of 3 gigawatts (GW) of solar modules by the end of 2024. Waaree aims to further expand this capacity to an impressive 5 GW by 2027, making it one of the largest solar module manufacturing facilities in the United States.
This substantial investment is part of Waaree's broader strategy to capitalize on the increasing demand for clean energy in the US market. The company, already a major player in India's solar industry, has expressed commitment to the growing US clean energy sector, citing a long-term supply agreement with SB Energy, a US-based climate infrastructure and technology platform backed by SoftBank Group. SB Energy has over 2 GW of operational solar power capacity, 1 GW under construction, and a substantial 15 GW of solar and storage in development across the United States.
The new manufacturing facility is expected to generate over 1,500 jobs in the US once it reaches full operational capacity. Waaree's Chairman and Managing Director, Hitesh Doshi, emphasized the company's dedication to fostering a solar manufacturing ecosystem in Texas, a state at the forefront of clean energy manufacturing.
Waaree's strategic move aligns with the Biden administration's push for clean energy initiatives, as seen in the Inflation Reduction Act, providing subsidies and incentives for solar projects using American-made equipment. The company intends to source most major components domestically, contributing to the growth of the US solar supply chain.
Sunil Rathi, Board member of Waaree Solar Americas Inc, highlighted the pivotal role the new facility would play in boosting American solar production. He emphasized Waaree's commitment to supporting US jobs and reducing dependence on overseas sources for critical solar technologies.
Waaree's comprehensive plan includes the addition of an integrated US-made solar cell facility at the Texas site, expected to be operational by 2025. The company aims to supply multiple gigawatts of solar modules to SB Energy over the next five years, following the commissioning of the Brookshire facility in 2024.
This move by Waaree follows a trend in India's solar manufacturing industry expanding its footprint in the United States, seeking to compete with China in building a robust clean energy sector. The announcement comes after India's Vikram Solar committed to a $1.5 billion investment in the US solar supply chain.
In summary, Waaree Energies' significant investment in the Texas manufacturing facility underscores its strategic vision to become a major player in the growing US clean energy market. With a focus on job creation, domestic sourcing, and collaboration with key players like SB Energy, Waaree's venture aligns with broader efforts to strengthen the US solar supply chain and reduce reliance on foreign sources, in line with the goals of the Biden administration's climate initiatives.
Waaree Energies Unlisted Shares
Waaree Energies Limited unlisted share are highly sought-after in the unlisted market. As of December 2023, the Waaree Energies Limited unlisted share price is Rs. 995. Evaluating the past year's trajectory, Waaree Energies unlisted share has demonstrated impressive performance, with the share price climbing from Rs. 900 in December 2022 to the Rs. 995 in December 2023, marking a significant growth of almost 11%.