Waaree Energies Expands Solar Manufacturing with Key Executive Leaderships

Waaree Energies Ltd is leading solar module manufacturer, has announced expansion in production as well as shifts in the top management staff.

The firm stated in a regulatory filing ahead-looking that its board meeting has set March 29, 2025, as the target date to commission a 5.4 GW solar cell manufacturing plant at Chikhli, Navsari, Gujarat. The facility is being pushed under the "Production Linked Incentive (PLI)" program encouraged by the government of India, set up to increase solar manufacturing locally and reduce India's dependence on offshore solar manufacturing. Waaree is going to add cell production to make India's solar value chain, independence in solar technology, and make India's very ambitious renewable capacity targets.

At a recent Board meeting, Waaree approved more future growth plans to double domestic and offshore manufacturing capacity. In India, the company is going to establish another 3.2 GW of module manufacturing capacity at its current facility in Chikhli, which will bring Waaree's module manufacturing capacity to over 15 GW. Through an expansion of module manufacturing in India, the company will reinforce its leadership in India's solar industry and help India achieve its vision of having 500 GW of non-fossil energy capacity by 2030.

Internationally, Waaree is in the process of developing a 1.6 GW module production facility in Brookshire, Texas, USA. The move aligns with the U.S. Inflation Reduction Act (IRA), which supports domestic solar manufacturing and lessens dependence on imports from China. Waaree also consolidates its position as a top contender in the American solar industry by venturing into the U.S., where non-China solar module demand is increasing. The new factory in the U.S. will allow the company to capitalize on local incentives while increasing its footprint in one of the world's fastest-growing renewable energy markets.

In association with the plans to expand mentioned earlier, Waaree declared key personnel changes to enhance governance and strategize. R.S. Loona has been appointed an Additional Non-Executive Independent Director for five years with effect from March 26, 2025, pending the approval of the shareholders, and Ankit Doshi has been appointed President - Strategy and termed Senior Management Personnel with effect from March 26, 2025.

With the growth in the next year, Waaree aims to become more globally competitive, while supporting India‟s aspirations for renewable energy. The growth in Gujarat brings India nearer to solar independence, while the USA factory serves to strengthen Waaree's position in a key global market.