Waaree Energies begins trial production at Texas solar facility, plans $1 billion investment

Waaree Energies will introduce an integrated US-made solar cell facility by 2025.

Waaree Energies announced on December 20 that its wholly-owned subsidiary, Waaree Solar Americas Inc., has commenced trial production at its 1.6 GW solar module line in Brookshire, Texas, USA, as per a PTI report. This follows the company's establishment of its first solar module manufacturing site in the US in December 2023.

The company plans to invest $1 billion in the Brookshire facility over the next four years, scaling production capacity from three gigawatts per year by the end of 2024 to five gigawatts by 2027. This expansion is expected to create over 1,500 jobs at full capacity, the PTI report adds. Additionally, Waaree Energies will introduce an integrated US-made solar cell facility by 2025.

Sunil Rathi, a board member of Waaree Solar Americas, stated that most major components for the solar modules will be sourced domestically, aided in part by the Inflation Reduction Act, which offers tax credits for solar panels and components made in the US.

The company made a strong debut on October 28, with its shares listing at a significant premium. On the Bombay Stock Exchange (BSE), the stock opened at Rs 2,550, a 69.66 percent jump from the issue price. It later touched Rs 2,600, logging a 72.98 percent gain. On the National Stock Exchange (NSE), it debuted at Rs 2,500, reflecting a 66.33 percent premium, pushing the company’s market capitalisation to Rs 68,983.88 crore.

The company had raised Rs 3,600 crore through a combination of fresh equity shares and an offer-for-sale (OFS) of 48 lakh equity shares, valuing its market capitalisation at Rs 68,983.88 crore on the NSE.

Waaree Energies is one of the major players in the solar energy industry in India which is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.

It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.