In Short : Waaree Energies is planning to establish a $1 billion U.S. manufacturing hub in the Houston area. This significant investment likely signifies the company’s expansion into the U.S. market, contributing to the growth of the solar energy sector in the region.
In Detail : Waaree Energies, a solar PV module manufacturer, has revealed plans to set up its U.S. manufacturing facility in the Brookshire town of Houston. This strategic move signifies Waaree’s commitment to strengthening its presence in the American renewable energy market.
The facility, slated to commence operations by the end of 2024, will initially possess the capacity to produce a substantial 3 gigawatts (GW) of solar modules annually. Waaree’s vision entails a staggering investment of up to $1 billion over the next four years, aimed at scaling up its annual module manufacturing capacity to 5 GW by 2027.
Once fully operational, this facility is poised to emerge as one of the largest solar module manufacturing hubs in the U.S. Additionally, Waaree is set to integrate a solar cell facility into its operations, projected to be operational by 2025. The establishment of this new facility is anticipated to generate over 1,500 jobs in the U.S. upon reaching maximum production capacity.
Waaree’s foray into the U.S. solar energy market builds upon its track record, having already supplied over 4 GW of modules from its existing Indian facility to U.S. clientele. Bolstering this expansion is Waaree’s enduring supply agreement with SB Energy, wherein the company is poised to deliver multi-gigawatts of solar modules to SB Energy over the next five years.
Hitesh Doshi, Chairman and Managing Director of Waaree, expressed pride in the commitment made by the company to domestic solar manufacturing in the U.S., stating, “Waaree, in partnership with a prominent entity like SB Energy, is fostering a robust solar manufacturing ecosystem in Texas, a state at the forefront of clean energy production.”
“Through our supply agreements with Waaree, we are supporting the burgeoning U.S. solar supply chain and contributing to the creation of high-quality manufacturing jobs,” Abhijeet Sathe, co-CEO of SB Energy, said.
Waaree Energies stands as a leading vertically integrated new energy solutions provider, boasting India’s largest solar module manufacturing capacity of 12 GW.
