Waaree Energies Ltd has revealed plans for capital expenditures totaling ₹2,754 crore to advance its renewable energy and allied initiatives. The company’s Board approved several major projects during its meeting on December 23, 2024, focusing on expanding its manufacturing capabilities across key sectors.
Waaree Clean Energy Solutions, a wholly-owned subsidiary of Waaree, is set to establish a 300 MW Electrolyser manufacturing facility with an allocation of ₹551 crore. This project is part of the Production-Linked Incentive (PLI) scheme initiated by the Ministry of New and Renewable Energy (MNRE) through the Solar Energy Corporation of India (SECI). Of the total investment, ₹200 crore will be financed through a mix of debt and internal accruals, supporting Waaree’s strategic push into green hydrogen production and renewable energy solutions.
In a parallel initiative, Waaree Energy Storage Solutions will spearhead the establishment of a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant, marking a significant investment of ₹2,073 crore. Of this, ₹650 crore will be funded through a blend of debt and internal resources. This project aims to bolster the company’s capabilities in energy storage technology, aligning with the growing demand for sustainable energy solutions in electric vehicles and grid storage applications.
Additionally, Waaree Power, another wholly-owned subsidiary, will drive the expansion of the company’s inverter business with a dedicated investment of ₹130 crore. Of this, ₹40 crore will be directly contributed by the company. This move underscores Waaree’s commitment to diversifying its portfolio and enhancing its presence in the renewable energy ecosystem by offering advanced and efficient inverter technologies to support various energy applications.
Arvind Ananthanarayanan, Non-Executive Director, has stepped down from the Board effective December 23, 2024, citing other professional commitments. The Board has appointed Amit Paithankar, the company’s CEO, as an Additional Director and Whole-Time Director for a five-year term starting the same day. These initiatives align with Waaree Energies’ long-term vision to bolster its position in the renewable energy sector while driving innovation and sustainability.
Founded in 1990, Waaree Energies Ltd is a leading player in India’s renewable energy sector, driving the global energy transition. Headquartered in Mumbai, the company operates advanced manufacturing facilities with a capacity of approximately 13.3GW for solar PV modules, including 1.3GW from Indosolar.
With a presence in over 25 countries, Waaree provides innovative solar solutions including panel manufacturing, EPC services, project development, and rooftop systems. Committed to sustainability, Waaree delivers cutting-edge, cost-effective energy solutions to power a greener future.
