Waaree Energies Limited is a leading renewable energy company in India that manufactures solar PV modules and provides solar energy solutions. Waaree Energies Ltd. is the flagship company of Waaree Group, founded in 1989 with headquarters in Mumbai, India. It has India's largest Solar panel manufacturing capacity of 12GW's at its plants in Surat and Umbergaon in Gujarat. Waaree Energies is amongst the top players in India in Solar Panel Manufacturing, EPC Services, Project Development, Rooftop Solutions, Solar Water Pumps and also an Independent Power Producer. Waaree has its presence in over 380 locations nationally and 20 countries internationally. Its business model consists of the following segments:

a)Solar Module Manufacturing : Waaree has a state-of-the-art module manufacturing facility of 12 GW, which makes it the largest module manufacturer in India. It produces high-quality and cost-effective modules for various applications such as rooftop, utility-scale, floating, and off-grid projects. It also exports its modules to over 68 countries across the world.

b) Solar EPC Services: Waaree offers end-to-end engineering, procurement and construction (EPC) services for solar projects of any size and complexity. It has a subsidiary company, Waaree Renewable Technologies Ltd, that spearheads the solar EPC business. Waaree has successfully installed over 10,000 solar projects with a total operating capacity of over 600 MW.

c) Solar Products: Waaree also offers a range of innovative and reliable solar products for various applications such as lighting, pumping, heating, cooling, etc. Some of its products include solar water heaters, solar lanterns, solar street lights, solar inverters, solar batteries, solar charge controllers, etc. It also provides customized solutions for specific customer needs.

d) Solar Services: Waaree also provides various services related to solar energy such as project development, financing, operation and maintenance, asset management, etc. It helps its customers in every stage of their solar journey from feasibility study to commissioning and beyond. It also offers online monitoring and remote troubleshooting for its projects.

Waaree’s vision is to make solar energy accessible and affordable for everyone. It aims to be a global leader in the renewable energy sector and contribute to a cleaner and greener future.

Salient Features of Waaree Energies

1. Industry Leadership: Waaree Energies is the largest manufacturer of solar PV modules in India, with an installed capacity of 12 GW as of June 30, 2023.

2. Established Expertise: Operations began in 2007, focusing on solar PV module manufacturing, aiming to provide quality, cost-effective sustainable energy solutions.

3. Rapid Capacity Expansion: Expanded aggregate installed capacity from 2 GW in Fiscal 2021 to 9 GW by March 31, 2023, and further to 12 GW by June 30, 2023.

4. Diverse Product Portfolio: Manufactures solar PV modules using multicrystalline, monocrystalline, and TopCon cell technologies. Portfolio includes multicrystalline modules, monocrystalline modules, and TopCon modules such as bifacial (Mono PERC) and BIPV modules.

5. Strategic Manufacturing Footprint: Operates four manufacturing facilities located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India, covering 136.30 acres.

6. Certifications and Quality Standards: Manufacturing facilities are certified with various ISO standards for quality, environmental management, and occupational health and safety. Also holds IEC, BIS certifications and complies with RoHS directive.

7. Product Warranties and Recognition: Solar PV modules warranties are insured by external parties, necessitating high standards for insurance approval.

8. Innovation and Accreditation: Focuses on incorporating emerging technologies like TopCon and Mono PERC in manufacturing processes.

9. Comprehensive Sales Channels: Includes direct sales to utilities and enterprises, export sales, retail sales through an extensive franchisee network, and other revenue streams like EPC services and ancillary product trading.

10. Expanding Customer Reach: As of June 30, 2023, Waaree Energies served a significant number of customers in India and internationally.

11.Growth and Expansion Strategy: Plans to execute regular capacity additions and continuously upgrade manufacturing technology and processes, driven by demand and focusing on new technologies.

Manufacturing Capacities of Waaree Energies Unlisted Share

1. Proposed expansion includes 6 GW for manufacturing and 1 GW Indosolar facility.

2. Potential increase of 8 GW in solar module capacity by Fiscal 2027.

3. Conditional on market conditions, a 5 GW U.S. expansion is considered for Fiscal 2027 incentives