Indian solar manufacturer Waaree Energies is looking to deepen its presence in Europe as the European Union’s Net-Zero Industry Act (NZIA) reshapes solar procurement and places tighter constraints on Chinese module suppliers.
The NZIA prioritises supply-chain resilience, reduced dependence on single-country sources such as China, sustainability, and full traceability—criteria that are increasingly influencing public procurement and renewable energy auctions across Europe. These changes are creating new opportunities for non-Chinese manufacturers, particularly from India.
“With the NZIA placing strong emphasis on supply-chain resilience, non-dependency, sustainability, and full traceability, Waaree is exceptionally well positioned to support Europe’s clean energy transition,” Sunil Rathi, executive director, Waaree Group, told pv magazine. “As a listed, Tier-1, and bankable manufacturer with a proven multi-gigawatt global track record, we bring the scale and credibility that European developers and utilities now prioritise.”
Waaree currently operates 22.3 GW of global solar module manufacturing capacity across India and the US, along with 5.4 GW of solar cell capacity. Its US manufacturing footprint totals 2.6 GW, including 1.6 GW of TOPCon capacity in Texas and 1 GW of heterojunction (HJT) capacity in Arizona acquired from Meyer Burger, with an additional 1.6 GW under execution. The company expects to reach close to 5 GW of solar manufacturing capacity in the US by March.
While the US has been Waaree’s largest export market, the company is now actively exploring markets beyond North America as it continues to scale capacity. According to Rathi, Waaree is closely tracking geopolitical developments and potential free trade agreements involving India, including with the European Union, the UK, Australia, Gulf Cooperation Council (GCC) countries, and Africa.
Transformers and backward integration
Solar modules currently account for the bulk of Waaree’s revenue. However, the company expects its transformer business to contribute meaningfully to group revenues by FY 2026–27 as capacity ramps up.
Waaree entered the transformer segment through the acquisition of Kotsons, a transformer manufacturer with over 45 years of operating history. Kotsons has exported transformers to more than 30 countries, including markets in the Middle East, Europe, Africa, the UK, the US, and Canada.
Waaree has launched inverter-duty transformers with capacities of 78.6 MVA, 75.6 MVA, and 17.6 MVA this year, and is targeting production of 220 kV, 170 MVA power transformers by mid-next calendar year.
Beyond transformers, the company has expanded its product portfolio with the launch of a 350 kW string inverter designed and manufactured in India, single-phase and three-phase smart meters aligned with India’s smart grid transition, and Waaree Autonova—an automated guided vehicle (AGV) aimed at production-floor automation.
“As a company, we have consistently pursued backward integration—from modules to cells, ingots, wafers, frames, and junction boxes, and soon glass and other components,” Rathi said. “In EPC, we ventured into inverters and now transformers, and we may explore further acquisitions in the future.”
EPC expansion and Europe outlook
Through its EPC arm, Waaree RTL, the company is currently executing 5.1 GW of projects in India and is expanding into the Middle East, Eastern Europe, and South Africa. A Southeast Asia project is expected to begin on-ground operations in the first quarter of the next calendar year.
Europe, Rathi noted, is witnessing renewed momentum in renewable energy deployment. India’s cost competitiveness and engineering expertise allow Waaree to bid competitively for full EPC projects, particularly in Eastern Europe, where the company expects to scale operations from 2026 onward.
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