Waaree Energies Limited has marked a significant milestone in India's renewable energy sector with the announcement of its groundbreaking ceremony for the country's largest integrated solar ingot and wafer manufacturing facility. The project represents a major step toward strengthening India's upstream solar manufacturing ecosystem and building domestic supply chain resilience.

Project Specifications and Investment

The facility will be established at Butibori, Nagpur, with substantial scale and investment commitment:

The facility will focus on producing high-purity solar ingots and wafers, which form the critical foundation of the solar photovoltaic value chain. This development aims to significantly reduce India's reliance on imported materials and enhance supply chain stability for the nation's rapidly expanding solar sector.

Strategic Impact and Government Support

The announcement was marked by a ceremonial event attended by senior government leaders and industry stakeholders, including Shri Devendra Fadnavis, Chief Minister of Maharashtra. The project aligns with India's vision of Atmanirbhar Bharat and supports the country's long-term goal of achieving energy security through self-reliant clean energy manufacturing.

According to Hitesh Doshi, Chairman and Managing Director of Waaree Energies Limited, the facility represents an important step in strengthening India's upstream solar manufacturing ecosystem. He emphasized that Nagpur's strategic location, strong industrial ecosystem, and connectivity across India make it an ideal destination for a project of this scale.

Company Background and Manufacturing Capacity

Founded in 1990, Waaree Energies Limited operates as one of India's leading renewable energy companies. The company maintains advanced manufacturing facilities with:

The company offers a comprehensive portfolio spanning solar PV manufacturing, EPC services, green hydrogen solutions, battery energy storage systems, green energy infrastructure, and data centres.

Economic and Employment Benefits

Once operational, the facility is expected to contribute significantly to regional economic development through generation of over 8,000 direct and indirect employment opportunities, skill creation and development programs, industrial growth acceleration in Maharashtra, and enhanced local manufacturing capabilities. The project supports India's progression toward the vision of Viksit Bharat 2047 by building globally competitive clean energy manufacturing infrastructure and establishing the country as a global hub for renewable energy technologies.

Waaree Energies has conducted a comprehensive analyst and institutional investor conference call on February 25, 2026, to address the impact of US countervailing duties on Indian solar imports, reaffirming its strategic position and operational resilience through diversified supply chains.

Conference Call and Regulatory Filing

The company filed a transcript of the conference call with BSE Limited and National Stock Exchange of India Limited on February 27, 2026, pursuant to Regulation 30 of SEBI regulations. The call was moderated by MUFG Intime India Private Limited and featured key management including Whole-time Director and CEO Amit Paithankar, CFO Sonal Shrivastava, and Group Head Finance Abhishek Pareek.

Management Position on US Countervailing Duties

CEO Amit Paithankar confirmed that the US Department of Commerce's preliminary countervailing duty of 126% on certain solar imports from India does not materially impact the company's operations. The company has successfully continued ramping up US shipments despite earlier 50% duties through its diversified supply chain and investments in Oman for fully traceable, non-Chinese polysilicon.

US Manufacturing Capacity and Expansion

The company maintains approximately 2.60 GW of current US module manufacturing capacity and plans to expand to approximately 4.20 GW by mid-2026. This includes the recently acquired Meyer Burger facility and new capacity under construction in Texas.

Supply Chain Strategy and Tariff Structure

CFO Sonal Shrivastava explained that tariffs apply based on the jurisdiction where solar cells are produced, not where modules are assembled. The company sources cells from jurisdictions with approximately 10% tariff rates, avoiding the 126% duty applicable to India-made cells. The company has maintained non-Chinese sourcing for US supplies since 2019.

Order Book and Market Outlook

Group Head Finance Abhishek Pareek highlighted strong order book growth from approximately ₹40,000 crores at the beginning of the financial year to ₹60,000 crores as of the last earnings call. The company expects US solar demand to reach 70-80 GW annually, driven by data center expansion and AI infrastructure requirements.

The management emphasized that the company's diversified revenue streams, including retail distribution, overseas manufacturing, and EPC services, provide resilience against market volatility while maintaining premium pricing across key segments.