Waaree Energies clears ₹8,175 cr capex plan to scale lithium-ion, electrolyser and inverter capacities

Solar panel maker Waaree Energies Ltd on Wednesday (October 1) said its board has approved major capacity expansions across its clean energy businesses with a total capital expenditure of about ₹8,175 crore.

The company will expand the capacity of its Lithium Ion Advanced Chemistry Storage Cell and Battery Energy Storage System (BESS) manufacturing plant from 3.5 GWh to 20 GWh. This will involve an additional investment of approximately ₹8,000 crore in its wholly owned subsidiary Waaree Energy Storage Solutions Private Limited.

Further, the board approved increasing the annual production capacity of its electrolyser manufacturing plant from 300 MW to 1,000 MW, entailing an additional capex of about ₹125 crore in Waaree Clean Energy Solutions Private Limited.

Also Read: Waaree Energies shares fall over 6%; management says will co-operate in US investigation

Additionally, the capacity of the inverter manufacturing plant will be enhanced from 3 GW to 4 GW, with an investment of about ₹50 crore in Waaree Power Private Ltd.

Waaree Energies is in the spotlight after reports of the US investigating allegations that the company evaded anti-dumping and countervailing duties on solar cells. In a clarification to the stock exchanges, the company said it has cooperated with US authorities in past investigations and will continue to extend full cooperation in the ongoing probe.

Waaree Solar Americas, the company’s subsidiary, currently operates a 1.6 GW module manufacturing facility in Texas, which is under expansion to 3.2 GW. "We are working in a steadfast manner on our commitment to building a manufacturing footprint in the US," Waaree Energies said in its statement.

Also Read: Waaree Energies invests ₹300 crore in arm Waaree Energy Storage for lithium-ion cell plant

Shares of Waaree Energies Ltd ended at ₹3,330.80, up by ₹2.90, or 0.087%, on the BSE.