India's Waaree Energies nabs USD 2.4bn of solar panel orders

Indian solar product maker Waaree Energies Ltd has been awarded USD 2.37 billion (EUR 2.24bn) worth of contracts to deliver bifacial photovoltaic (PV) panels, both domestically and abroad.

The deals will see the manufacturer supply bifacial solar panels with capacities ranging between 540 Wp and 600 Wp, to be made using M10 and M12 cells, a statement showed on Thursday. The names of the customers and details about their projects were not disclosed.

Mumbai-based Waaree Energies owns 4 GW solar modules production facilities in Surat, Chikhli, Tumb and Nandigram and plans to add an additional 5 GW of manufacturing capacity by the end of 2022. It also expects 4 GW of solar cell production capacity to become operational by March 2023.

"These orders will enable us in strengthening our market position as we diversify our clientele and expand into newer markets," said Hitesh Doshi, chairman and managing director of Waaree Energies.

(USD 1.0 = EUR 0.946)

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