The project was awarded under the second phase of India’s production-linked incentive (PLI) scheme for high-efficiency solar modules, with incentives amounting to INR 19.23 billion (approximately USD 221.6 million). As per Waaree’s IPO prospectus published in October 2024, part of the funding for the original Odisha-based facility was to come from the net proceeds of the public issue.
Under the new plan, Waaree Energies will establish a 3 GW solar module facility in Samakhiali, Gujarat. An additional 3 GW module facility is planned for either Gujarat, Tamil Nadu, or another suitable state. The company will also develop a 6 GW solar cell manufacturing plant in Unn, Gujarat, and a 6 GW ingot and wafer manufacturing facility in Nagpur, Maharashtra.
The company emphasized that this relocation is intended to accelerate project timelines and optimize the utilization of IPO proceeds. Despite the shift in location, Waaree Energies confirmed that the overall capital expenditure remains unchanged. Detailed plans for capital deployment across the new sites have been shared, aligning with the scale and structure of the originally proposed investment.
The revised geographical distribution is expected to support improved logistics, infrastructure access, and operational flexibility, which could contribute to faster implementation. By expanding across multiple regions, Waaree Energies aims to mitigate risks associated with single-site concentration and enhance overall supply chain efficiency.
The move also aligns with broader trends in India’s solar manufacturing sector, which continues to attract significant investment in response to government incentives and rising demand for domestic module production. With this restructured project layout, Waaree Energies seeks to maintain its growth trajectory while contributing to India’s renewable energy targets.
The company reiterated its commitment to executing the project within the framework of the PLI scheme and affirmed its focus on timely delivery, quality production, and long-term value creation for stakeholders. The planned facilities are set to bolster India’s solar manufacturing capacity, offering support to the nation’s efforts toward self-reliance in renewable energy technologies.
