Waaree Energies bags orders worth USD 2.37 bn

New Delhi: Domestic solar PV module manufacturer Waaree Energies on Thursday said it has secured new orders worth USD 2.37 billion from customers in the domestic and international markets.

The orders are for supplying high-efficiency bifacial solar panels of 540Wp (watt peak) and 600Wp, Waaree Energies said in a statement.

These panels will be produced in Waaree's manufacturing facility using M10 and M12 cells.

"These orders are consistent with the Indian government's vision of Atmanirbhar Bharat, and will bring in more than USD 2 billion in foreign exchange while creating hundreds of job opportunities. These orders will enable us in strengthening our market position as we diversify our clientele and expand into newer markets," said Hitesh Doshi, Chairman & Managing Director, Waaree Energies.

Waaree currently has a 4 GW PV module manufacturing capacity and plans to add another 5 GW by December 2022.

The 4 GW solar cell manufacturing capacity is expected to be operational by March 2023.

Waaree Energies, the flagship company of Waaree Group, is the country's leading solar photovoltaic (PV) maker and leader in the rooftop segment with headquarters in Mumbai and four manufacturing facilities at Surat, Chikhli, Tumb and Nandigram.

(With agency inputs)

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)