Indian PV module manufacturer Waaree Energies announced on May 19 that it has captured orders valuing at US$2.37 billion from customers in the domestic and foreign markets. Amounting to 5GW in generation capacity, these orders are specifically for 540Wp and 600Wp bifacial modules featuring M10 and M12 cells. Buyers’ names have remained undisclosed for now. Waaree’s announcement was first reported by Indian news outlets and other renewable energy news websites.
Hitesh Doshi, chairman and managing director of Waaree, said that his company supports the Indian government’s objective of becoming “self-reliant” in certain industrial sectors such as solar PV. Doshi added that the module orders will not only bring in billions in foreign exchange but also create hundreds of jobs. Finally, Doshi said the module orders will enable his company to expand its client base, enter new markets, and strengthen its market position. Waaree is currently shipping products to clients in 19 countries. According to Bloomberg New Energy Finance, the company has been a Tier-1 module manufacturer since 2018. It has also been recognized by PV Evolution Lab as a top performer with respect to product reliability.
Based in Mumbai, Waaree currently has 4GW of module production capacity spread out in Surat, Chikhli, Tumb, and Nandigram. The company plans to expand by another 5GW this year. Furthermore, it is currently setting up 4GW of cell production capacity that is scheduled to be activated next March. To fund these expansion projects, Waaree will be launching an IPO later this year.
In related news, US-based CubicPV and Waaree have entered into a multi-year supply agreement under which the former will provide 1GW of PV cells to the latter every year. The value and effective period of the agreement, which was inked in late April, have yet to be disclosed. CubicPV will attempt to supply cells from its production lines in India. It is also worth noting that CubicPV develops tandem perovskite cells.