Waaree Energies, India’s Largest Solar Manufacturer To Build 3-Gigawatt Module Manufacturing Facility in Texas and Signed a Landmark Multi-Year Offtake Agreement – EQ

• Waaree plans to invest up to $1 billion to scale up to 5 GW annual capacity for both solar module and integrated cell manufacturing facility by 2027

• Waaree’s new facility will support SB Energy and other leading solar companies while expecting to create over 1,500 American jobs

HOUSTON, Texas/MUMBAI : Waaree Energies (“Waaree”), India’s largest solar PV module manufacturer and major supplier to the U.S., announced today it will establish its first U.S. manufacturing facility in the Houston areas. The facility, located in the town of Brookshire, will have the initial capacity to manufacture 3 gigawatts (GW) of solar modules annually by the end of 2024. Waaree plans to invest up to $ 1 billion over the next four years to scale its annual module manufacturing production up to 5 GW by 2027, making it one of the largest solar module manufacturing facilities in the U.S. Waaree will also add an integrated U.S.-made solar cell facility that is expected to be operational by 2025. In total, Waaree’s new facility is expected to create over 1,500 total jobs in the US when at full capacity.

Waaree already has a major presence in the U.S. solar market. Till date Waaree has supplied over 4 GW of modules from its current Indian facility to U.S. customers. Waaree’s ambitious U.S. expansion benefits from the long-term supply agreement with SB Energy, a leading climate infrastructure and technology platform with over 2 GW of solar in operations, 1 GW in construction, and another 15 GW+ of solar and storage in development across the U.S. Waaree will supply multi-GWs of solar modules to SB Energy over the next 5 years following the commissioning of the facility which is expected to be set-up in 2024. The deal further enhances SB Energy’s leadership in the domestic supply chain and ensures availability of modules for a growing pipeline of projects.

“We are proud of this significant commitment by Waaree to U.S. domestic solar manufacturing,” said Waaree Chairman and Managing Director Hitesh Doshi. “In partnership with a company of SB Energy’s mission and stature, Waaree is fostering a solar manufacturing ecosystem in Texas, a state that has taken a leading position in clean energy manufacturing.

“We are delighted to expand our U.S. supply chain with Waaree, a leading global supplier of solar modules. Through our long-term supply agreements, we are proud to support the growing U.S. solar supply chain and well-paying manufacturing jobs,” said Abhijeet Sathe, co-CEO of SB Energy. “Waaree brings a proven track record of delivering superior technology to some of the largest solar projects in the U.S. and India.”

“Most major components used in the manufacturing of these solar modules will be sourced domestically, enabled in part due to the Inflation Reduction Act,” stated Sunil Rathi, Board member, Waaree Solar Americas Inc. “By setting up the new facility in the Houston area, Waaree brings critical technologies that will boost American solar production, reducing reliance on overseas sources while supporting strong U.S. jobs. We are committed to the U.S. and its growing demand for clean energy.”

About Waaree Energies:

WAAREE Energies Ltd. (Waaree), the flagship company of the WAAREE Group, was founded in 1989. It is one of the largest vertically integrated new energy solution provider and is India’s largest solar module manufacturer with a capacity of 12 GW.WAAREE Energies is a leader in providing one-stop solar solutions. WAAREE has four state-of-the-art solar module manufacturing facilities and has a presence in large number of locations nationally and multiple locations internationally.

WAAREE is leading in solar panel manufacturing and providing complete solar EPC solutions, having commissioned 1+ GW of solar EPC projects. The company also has a presence in providing solar rooftops and solar water pumping solutions. It is also an independent power producer. WAAREE is the only PV panel manufacturing company from India that has been rated Tier 1 consistently for the past 33 Quarters by Bloomberg NEF, making its products highly reliable and trustworthy. It is also the first company to have NABL accredited in-house reliability lab for 3 X IEC extended testing. Driven by the vision to provide high-quality and cost-effective sustainable green energy solutions across all markets, we are passionate about delivering energy security, reducing carbon footprint, helping organizations achieve ESG goals, and saving energy costs for industries and household customers.

Making the Earth a better place, everyday WAAREE has supplied solar panels equivalent to planting approx. 36 crore trees and contributed to the reduction of approx. 75 lakh tons of CO2 emissions.

Waaree Energies has been rated as top performer in PVEL’s 2023 PV Module Reliability Scorecard. Company has recently received PLI from the government of India for setting up additional 6GW facility for wafer, cell and solar module manufacturing.