India’s leading solar panel maker secures new orders worth $ 2.37 billion from Indian and international customers
May 19, 2022, Mumbai: Waaree Energies Limited, one of the major players in India’s solar industry focused on photovoltaic (PV) modules, has garnered new orders worth $ 2.37 billion from India and international markets to supply high-performance dual-phase solar panels from 540 Wp and 600 Wp. These panels will be manufactured at Waaree’s production base using M10 and M12 cells.
Waaree currently has a production capacity of 4 GW photovoltaic modules and plans to add another 5 GW by December 2022. The production capacity of 4 GW solar cells is expected to be operational by March 2023.
Mr Hitesh Doshi, Chairman and Managing Director, Waaree Energies Limited said “These orders are in line with the Indian government’s vision for Atmanirbhar Bharat and will bring in more than $ 2 billion in foreign currency, while creating hundreds of job opportunities. These orders will allow us to strengthen our market position as we diversify our clientele and expand into newer markets. It is a great pleasure for the whole Waaree family that customers around the world continue to recognize and accept the ongoing efforts to provide high-quality and high-performance solar photovoltaic modules. ” Solar modules manufactured by Waaree and meet world standards have been delivered to 19 countries. Waaree Energies also consistently received a “Tier-1 PV module manufacturer” rating from Bloomberg New Energy Finance (BNEF) in 2018, 2019, 2020 and 2021. WAAREE was recognized as “India’s Best Brand” in the solar industry by The Economic Times. PVEL, a world-renowned photovoltaic testing laboratory, recently recognized Waaree as the best performer in its 2022 scorecard.