Waaree Energies Incorporate Subsidiary to Focus on Australia Market
Waaree Energies announced the formation of a new wholly-owned subsidiary Waaree Renewable Energies Australia PTY Ltd., to expand its renewable energy operations in Australia.
December 07, 2024. By Mrinmoy Dey
“The said wholly-owned subsidiary was incorporated on December 6, 2024,” the company informed in an exchange filing.
It further added that the subsidiary will be a related party of Waaree Energies and other subsidiaries. “Promoters do not have any interest in the entity,” it clarified.
The company has been looking at measures in increasing its international presence. The company announced expansion plans for the US market.
In a recent investor call, Amit Paithankar, CEO of Waaree Energies revealed, “For the US, we have future capacity in mind, 3.4 GW of additional module capacity and potentially 5 GW of cell capacity. All of this is under evaluation. We are constantly observing and monitoring the situation in the United States, and are extremely bullish about the US market.”
The company is also eying the EU and Middle East market and has opened an office in Dubai.
As far as the domestic market is concerned, Waaree has aggressive expansion plans. Its 5.4 GW solar cell manufacturing plant in Chikhli, Gujarat is expected to commence commercial operation by mid-December 2024. The company is also setting up a 6 GW integrated facility in Odisha which is in the advanced stages of planning.
The company will be having a total capacity of 13.3 GW in India, and 1.6 GW in the US – totalling to about 15 GW by the end of this financial year.
The company aims to ramp up capacity to 21 GW for module production and 11 GW for cell production by the end of FY’27.
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