Waaree Energies Ltd on Monday said its board has approved three investment proposals aggregating Rs 850 crore to set up electrolyser and storage cell manufacturing facilities.
The board also approved capital expenditure (capex) of Rs 130 crore in invertor business through its wholly-owned subsidiary Waaree Power Private Limited.
The board approved “capital expenditure of Rs 551 crore and investment of Rs 200 crore for 300 MW electrolyser manufacturing plant in its wholly-owned subsidiary Waaree Clean Energy Solutions, under the PLI Scheme,” Waaree Energies said in an exchange filing.
It also approved a capital expenditure of Rs 2,073 crore and an investment of Rs 650 crore for setting up a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant in its wholly-owned subsidiary Waaree Energy Storage Solutions.
The capex will be funded by a mix of debt and internal accruals, the company said.
The board further approved the appointment of Amit Paithanka, Chief Executive Officer (CEO), as an Additional Director of the company, designated as Whole Time Director.
With this strategic initiative, Waaree Energies is not only reinforcing its leadership in the solar energy sector but also contributing significantly to India’s vision of achieving a carbon-neutral economy.
As the global demand for clean energy continues to rise, Waaree Energies is well-positioned to address this demand with its enhanced capabilities, strengthened infrastructure, and unwavering focus on sustainability.
Stay tuned for further updates as Waaree Energies takes bold strides towards a greener and more sustainable future, powered by innovation and commitment to excellence.
In a significant move towards strengthening its position in the renewable energy sector, Waaree Energies has announced that its board has approved investment proposals totaling Rs 850 crore. This substantial investment is strategically aimed at enhancing the company’s manufacturing capabilities, expanding its solar module production capacity, and driving technological advancements in clean energy solutions.
The approved investment will be utilized across multiple key areas, including infrastructure expansion, advanced technology adoption, and research and development. A significant portion of the funds will go towards scaling up production facilities, ensuring Waaree Energies can meet the surging demand for solar energy solutions both domestically and internationally. With renewable energy gaining prominence as a sustainable alternative, Waaree Energies aims to play a pivotal role in shaping the future of the energy landscape.
Waaree Energies has consistently been a leader in the renewable energy space, with a focus on delivering world-class solar solutions. This latest investment highlights the company’s commitment to innovation, quality, and sustainability, solidifying its position as a key contributor to India’s ambitious renewable energy targets.
In addition to increasing production capacity, the investment will also focus on enhancing supply chain efficiencies and adopting cutting-edge technologies that drive operational excellence. The company plans to integrate advanced manufacturing processes to ensure maximum efficiency and minimal environmental impact.
