Waaree Energies Secures New Orders worth $2.37 Bn for Bifacial Solar Panels

Waaree Energies Ltd, India’s one of the leading solar panel manufacturers, has won new orders worth USD 2.37 billion from both Indian and International markets to supply its high-efficiency bifacial solar panels of 540Wp and 600Wp.

Further, these solar photovoltaic (PV) panels would be manufactured in the company’s manufacturing facility using M10 and M12 cells.

Commenting on winning the order, Hitesh Doshi, Chairman & Managing Director of Waaree Energies Ltd, said, “these orders are consistent with the Indian government’s vision of Atmanirbhar Bharat, and will bring in more than USD 2 billion in foreign exchange while creating hundreds of job opportunities. These orders will enable us in strengthening our market position as we diversify our clientele and expand into newer markets. It is a matter of great pleasure for the entire Waaree family that customers globally continue to acknowledge and accept the constant endeavors to provide high quality and high-efficiency solar PV modules.”

Currently, the company has 4 GW capacity of PV module manufacturing and is planning to add another 5 GW capacity by December 2022. However, the 4 GW solar cell manufacturing capacity is expected to be operational by March 2023.

The company delivered its solar modules to nineteen countries globally. It has also consistently received Tier-1 PV module manufacturer rating from the Bloomberg New Energy Finance (BNEF) in 2018, 2019, 2020 and 2021. Waaree has recently been recognized as the Top Performers in PVEL’s, a globally recognized Lab in PV testing, 2022 Scorecard.
 
Meanwhile, the company operates four manufacturing facilities comprising of factories in India at Surat, Chikhli, Tumb and Nandigram. Over the years the company has been developing high-quality and technologically advanced PV modules. As of June 30, 2021, the company had 388 franchises in 25 states and two Union Territories across India.