Waaree subsidiary starts operations at 1.3GW module assembly plant in India – PV Tech
Hitesh Doshi, Chairman and Managing Director at Indosolar, said: “This new factory epitomises our commitment to advancing solar technology and promoting sustainability. Through our manufacturing processes and our dedicated team’s expertise, we aim to propel India’s renewable energy agenda forward while creating employment opportunities for the local community. Moreover, this facility is expected to contribute towards fulfilling the surging demand for high-quality solar panels across the nation.”
The added capacity from Indosolar comes days after the Ministry of New and Renewable Energy (MNRE) updated its Approved List of Models and Manufacturers (ALMM) which has passed the 50GW of annual nameplate capacity. This comes only a few months after the MNRE reinstated the list at the beginning of April, and after a one year hiatus due to a lack of domestic capacity to meet demand of solar PV modules. Its parent company, Waaree, has an annual nameplate capacity of over 8.5GW.
As more manufacturing capacity comes operational in the coming months in India, the country recently had a stellar start of the year by installing 10GW of solar PV capacity in the first quarter of 2024. This represented a 400% increase from the same period a year ago, and also the country’s best quarter recorded.
Moreover, Waaree has secured several supply agreements in India, including a 445MW bifacial module supply with Norwegian energy company Statkfrat’s Indian subsidiary. Last month, Waaree signed a 412.5MW p-type bifacial module supply with Juna Renewable Energy, a subsidiary of Spanish power company Acciona Energía.
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