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 on March 14, 2025, 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:

• Solar PV module capacity: ~22.3 GW worldwide
• Solar cell manufacturing capacity: Up to 5.4 GW
• Global presence: Over 25 countries
• Headquarters: Mumbai

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
• 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 Limited has disclosed a significant investment by its US subsidiary in the American solar market through a strategic share subscription agreement worth approximately $30 million. The company informed stock exchanges on March 10, 2026, about this major corporate development involving its wholly owned subsidiary.

Investment Details

The transaction involves Waaree Solar Americas Inc. (WSA), a wholly owned subsidiary of Waaree Energies Limited, entering into a Share Subscription Agreement with United Solar Holdings Inc. (USH). The agreement encompasses the subscription of approximately 53,68,551 series B preferred shares of the US-based solar company.

Transaction Structure

The Share Subscription Agreement represents a strategic investment in the American solar sector, with the transaction subject to certain conditions precedent to closing. The company has clarified that this is not a related party transaction, ensuring transparency in corporate governance.

Regulatory Compliance

Waaree Energies has fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement follows a previous disclosure dated December 19, 2025, indicating ongoing developments in this investment process.

Key compliance aspects include:

• Timely notification to BSE Limited and National Stock Exchange of India Limited
• Confirmation of no promoter or group company interest in the transaction
• Adherence to prescribed regulatory framework for material events

Corporate Governance

The company has emphasized that none of its promoter, promoter group, or other group companies have any interest in this transaction. This declaration ensures compliance with related party transaction norms and maintains transparency in corporate dealings. The intimation about the agreement was received by Waaree Energies on March 10, 2026, at 04:44 p.m. (IST), demonstrating prompt communication between the subsidiary and parent company.

This investment marks a significant step in Waaree Energies' international expansion strategy, particularly in the crucial American solar market through its dedicated US subsidiary.