Mumbai-headquartered Waaree Energies has signed $2.37 billion of new contracts to supply 5 GW of high-efficiency bifacial solar panels, ranging in size from 540 Wp to 600 Wp.
The manufacturer signed the orders with undisclosed customers in India and other markets. It will produce the panels in its manufacturing facility by using M10 and M12 cells.
Waaree currently has 4 GW PV of module manufacturing capacity and plans to add another 5 GW by December. It also expects 4 GW of solar cell manufacturing capacity to be operational by March 2023.
“These orders are consistent with the Indian government’s vision of Atmanirbhar Bharat [self-reliant India], and will bring in more than $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 and managing director of Waaree Energies.
Waaree has shipped solar modules to customers in 19 countries. It has been ranked as a Tier-1 PV module manufacturer by BloombergNEF (BNEF) for four consecutive years, from 2018 to 2021. Recently, it was recognized as a top performer in PV Evolution Labs’ (PVEL) 2022 PV Module Reliability Scorecard.
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