Waaree Energies, India's Largest Solar Manufacturer To Build 3-Gigawatt Module Manufacturing Facility in Texas and Signed a Landmark Multi-Year Offtake Agreement

Waaree Energies ("Waaree"), India's largest solar PV module manufacturer and major supplier to the U.S., announced today it will establish its first U.S. manufacturing facility in the Houston areas. The facility, located in the town of Brookshire, will have the initial capacity to manufacture 3 gigawatts (GW) of solar modules annually by the end of 2024. Waaree plans to invest up to $ 1 billion over the next four years to scale its annual module manufacturing production up to 5 GW by 2027, making it one of the largest solar module manufacturing facilities in the U.S. Waaree will also add an integrated U.S.-made solar cell facility that is expected to be operational by 2025. In total, Waaree's new facility is expected to create over 1,500 total jobs in the US when at full capacity.

Waaree already has a major presence in the U.S. solar market. Till date Waaree has supplied over 4 GW of modules from its current Indian facility to U.S. customers. Waaree's ambitious U.S. expansion benefits from the long-term supply agreement with SB Energy, a leading climate infrastructure and technology platform with over 2 GW of solar in operations, 1 GW in construction, and another 15 GW+ of solar and storage in development across the U.S. Waaree will supply multi-GWs of solar modules to SB Energy over the next 5 years following the commissioning of the facility which is expected to be set-up in 2024. The deal further enhances SB Energy's leadership in the domestic supply chain and ensures availability of modules for a growing pipeline of projects.

"We are proud of this significant commitment by Waaree to U.S. domestic solar manufacturing," said Waaree Chairman and Managing Director Hitesh Doshi. "In partnership with a company of SB Energy's mission and stature, Waaree is fostering a solar manufacturing ecosystem in Texas, a state that has taken a leading position in clean energy manufacturing.

"We are delighted to expand our U.S. supply chain with Waaree, a leading global supplier of solar modules. Through our long-term supply agreements, we are proud to support the growing U.S. solar supply chain and well-paying manufacturing jobs," said Abhijeet Sathe, co-CEO of SB Energy. "Waaree brings a proven track record of delivering superior technology to some of the largest solar projects in the U.S. and India."

"Most major components used in the manufacturing of these solar modules will be sourced domestically, enabled in part due to the Inflation Reduction Act," stated Sunil Rathi, Board member, Waaree Solar Americas Inc. "By setting up the new facility in the Houston area, Waaree brings critical technologies that will boost American solar production, reducing reliance on overseas sources while supporting strong U.S. jobs. We are committed to the U.S. and its growing demand for clean energy."

Source : Equity Bulls

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WaareeEnergies SolarPV ModuleManufacturer US ManufacturingFacility Houston