Waaree Energies Boosts Solar Production with Indosolar Acquisition
Waaree Energies, a prominent Indian solar module manufacturer, has bolstered its production capacity with the acquisition of solar cell manufacturer Indosolar. The acquisition, greenlit by the National Company Law Court (NCLT), boosts Waaree's capacity from 4 GW to 5.4 GW. This strategic move supports Waaree's expansion plans and aligns with the Indian government's Approved List of Models and Manufacturers (ALMM).
Waaree Energies' 650 Wp and 650 Wp solar modules are already featured in the ALMM, underscoring their quality and reliability. The company aims to further amplify its capacity to 9 GW, investing USD 122 million in this expansion. The additional 4 GW capacity is slated to be operational by January next year. This acquisition and capacity increase will fortify Waaree's position in the Indian solar market and bolster the country's renewable energy objectives.
Waaree Energies' acquisition of Indosolar and subsequent capacity increase will significantly amplify its solar module manufacturing prowess. This strategic maneuver, backed by government approval and investment, is poised to make a substantial impact on India's solar energy scene.
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