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Waaree Energies to invest $1 bn to set up solar facility in Texas

Livemint

Livemint · 1y ago

Waaree Energies to invest $1 bn to set up solar facility in Texas

Mumbai-based Waaree Energies plans to invest $1 billion in setting up a solar module manufacturing plant in Texas, US. The facility, located in Brookshire, will have an initial capacity of 3 GW of solar modules annually by the end of 2024. Waaree aims to expand the capacity to 5 GW by 2027 and will also add a US-made solar cell facility. The plant is expected to create over 1,500 jobs in the US. Waaree has already supplied over 4 GW of modules to the US and has long-term supply agreements with US-based SB Energy.

Related News

ValueQuest-backed Waaree Energies to raise $361 mn in IPO

VCCircle

VCCircle · 1y ago

ValueQuest-backed Waaree Energies to raise $361 mn in IPO

Indian solar panel manufacturer, Waaree Energies, has filed for an IPO to raise INR 30 billion ($361 million). The company plans to issue 3.2 million fresh shares and its largest shareholder, Waaree Sustainable Finance, will sell up to 2.7 million shares. The funds raised will be used for capital expenditure, including the establishment of a 6 GW manufacturing facility in the state of Odisha, India. Waaree Energies also recently announced plans to invest up to $1 billion in a factory in Texas to meet the growing demand for clean energy in the US.

US investigation not to impact investment plans: Waaree Energies

Economic Times

Economic Times · 1m ago

US investigation not to impact investment plans: Waaree Energies

Waaree Energies announced that the U.S. investigation into potential solar tariff evasion will not affect its plans to expand its Texas facility or explore U.S. solar cell manufacturing. The company commenced operations at a solar module plant in Houston, Texas, and is scaling up capacity. Waaree is cooperating with U.S. Customs and Border Protection, expecting no significant operational or financial disruptions. The U.S. solar market's strength remains a key focus for Waaree's growth strategy.

India's biggest solar panel maker Waaree Energies’ IPO delayed over deemed public offer non-compliance

Money Control

Money Control · 1y ago

India's biggest solar panel maker Waaree Energies’ IPO delayed over deemed public offer non-compliance

Waaree Energies, India's largest solar panel maker, is still awaiting approval from the market regulator for its initial public offering (IPO) due to concerns related to non-compliance with the Companies Act. The company had filed its draft IPO papers in December 2023 but is facing delays as it exceeded the limit of selling shares to more than 200 people without a public offer. Waaree Energies intends to raise capital through the IPO to finance the establishment of a 6GW solar manufacturing facility in Odisha. The company reported significant revenue and profit growth in fiscal year 2023.

Waaree Solar Americas bags 452 MW solar module supply order in US

Economic Times

Economic Times · 2m ago

Waaree Solar Americas bags 452 MW solar module supply order in US

Waaree Solar Americas, a US subsidiary of India's Waaree Energies, has secured a significant order to supply 452 MW of advanced solar modules to a key American utility-scale solar and energy storage developer. The modules, set for delivery in FY2026-27, underscore Waaree’s expanding footprint in North America and exemplify the US market's growing reliance on Indian manufacturing power to strengthen renewable energy supply chains and meet decarbonization goals.

IPO-bound Waaree Energies' listed unit looks to buy Enel group's India business: CNBC-TV18

Money Control

Money Control · 1y ago

IPO-bound Waaree Energies' listed unit looks to buy Enel group's India business: CNBC-TV18

Waaree Renewable Technologies is reportedly planning to acquire Enel Green India, a subsidiary of Italy-based clean energy company Enel Group. Enel Green India has a clean energy portfolio of 760 MW of operational wind and solar power assets. The acquisition is expected to help Waaree Renewable expand its independent power producing platform. JSW Energy is also said to be interested in buying Enel's Indian business. Waaree Energies, the parent company of Waaree Renewable, is set to launch an IPO in October to raise funds for its expansion plans.

Top India solar exporter rejigs supply chain to bypass US tariff

Economic Times

Economic Times · 20d ago

Top India solar exporter rejigs supply chain to bypass US tariff

Waaree Energies, India's leading solar panel manufacturer, is altering its supply chain to bypass high US tariffs. The company plans to source components from countries with lower tariffs, leveraging a US customs ruling for tariff circumvention. With the US market making up 60% of its orders, Waaree is expanding its Houston plant, doubling capacity to 3.2 gigawatts, and investing up to $150 million in the US. The company faces ongoing US investigations but continues to comply with local laws.

Waaree Energies secures 692 MW solar module supply orders in India, US

Economic Times

Economic Times · 27d ago

Waaree Energies secures 692 MW solar module supply orders in India, US

Waaree Energies has announced receiving solar module supply orders totaling 692 MW across India and the US. The company secured three major orders in the Indian market, amassing 570 MW. Additionally, its subsidiary, Waaree Solar Americas, obtained an order for supplying 122 MW in the US. These orders, placed by established firms in renewable power projects, will be executed over the years 2025-26 and 2026-27.

Solar energy company Waaree Energies raises Rs 1,000Cr in equity funding from ValueQuest

IndianStartupNews

IndianStartupNews · 2y ago

Solar energy company Waaree Energies raises Rs 1,000Cr in equity funding from ValueQuest

Solar energy company Waaree Energies has raised Rs 1,000 croer in an equity round of funding led by ValueQuest, an investment firm known for its strategic focus on sustainable and progressive ventures.

Waaree Energies to 'cooperate' with US authorities in solar duty evasion probe

Economic Times

Economic Times · 1m ago

Waaree Energies to 'cooperate' with US authorities in solar duty evasion probe

Waaree Energies faces US scrutiny over alleged tariff evasion, with concerns raised about mislabeling Chinese-made solar products as Indian to avoid duties. The investigation by US Customs and Border Protection requires cash deposits during the inquiry. Waaree affirms commitment to compliance and cooperation with investigations, highlighting its US manufacturing expansion.

Adani, KPI, Waaree rise: What moved them and what investors need to watch next

Business Today

Business Today · 8m ago

Adani Green Energy's stock rose 9.54%, reaching ₹957, after commissioning a 250 MW solar project in Rajasthan. KPI Green Energy jumped 13.24% to ₹427.8. Waaree Energies increased by 10.95% to ₹2,358. NTPC Green Energy Ltd saw a 6.49% rise to ₹102.5. Inox Wind gained 5.59%, closing at ₹171.49, while Premier Energies advanced 3.02% to ₹915. Acme Solar Holdings had a modest increase of 0.46%, valued at ₹202, with a 2.54 GW total portfolio.

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