Waaree Energies Expands Solar Manufacturing, Strengthens Leadership

Waaree Energies Ltd. India's solar module manufacturer, has announced a major expansion in its manufacturing capabilities along with key leadership changes.

The firm informed in its filing that it will inaugurate a 5.4 GW solar cell manufacturing facility in Chikhli, Navsari, Gujarat, on March 29, 2025. This state-of-the-art plant aligns with India's Production Linked Incentive (PLI) scheme, which promotes domestic solar manufacturing to reduce dependence on imports. By expanding its cell production, Waaree aims to strengthen India’s solar supply chain, ensuring greater self-sufficiency in solar technology and supporting the nation’s ambitious renewable energy targets.

Further, during its Board meeting, Waaree approved further expansion plans that will boost both its domestic and international manufacturing capacity. In India, the company will add 3.2 GW of module manufacturing capacity at its existing facility in Chikhli, Gujarat. This expansion will bring Waaree’s total module production capacity to over 15 GW, reinforcing its leadership in India’s solar manufacturing sector and contributing to the nation’s goal of achieving 500 GW of non-fossil capacity by 2030.

Internationally, Waaree will establish a 1.6 GW module manufacturing line in Brookshire, Texas, USA. This move is strategically aligned with the US  Inflation Reduction Act (IRA), which encourages domestic solar manufacturing and aims to reduce dependence on Chinese imports. By setting up production in the United States, Waaree positions itself as a key player in the American solar market, catering to the growing demand for non-China solar modules. The U.S. facility will help Waaree leverage local incentives while expanding its footprint in one of the world’s fastest-growing renewable energy markets.

Alongside these expansion plans, the company announced key leadership changes aimed at strengthening its governance and strategic direction. R.S. Loona has been appointed as an Additional Non-Executive Independent Director for a five-year term, effective March 26, 2025, subject to shareholder approval.

A highly regarded expert in corporate law and regulatory compliance, Loona has previously served as Executive Director (Law) at SEBI and held senior positions at IDBI. His appointment is expected to enhance Waaree’s governance framework and regulatory oversight.

Meanwhile, Jayesh Shah stepped down as Independent Director upon completing his second term on March 25, 2025.

In another leadership move, Ankit Doshi has been appointed as President - Strategy and designated as Senior Management Personnel, effective March 26, 2025. With a B.Tech in Mechanical Engineering and an MBA in Finance from NMIMS, Doshi has been instrumental in Waaree’s growth, particularly in retail solar solutions and inverter business expansion.

Waaree’s latest initiatives are expected to strengthen its global competitiveness while supporting India’s renewable energy mission. The expansion in Gujarat enhances India’s solar self-reliance, while the US facility ensures a stronger presence in an important international market.