Indian solar module manufacturer Waaree Energies has formed an Australian wholly-owned subsidiary called Waaree Renewable Energies Australia Pty Limited.
In a filing submitted to the National Stock Exchange of India published on Friday (6 December), the company confirmed that the new entity was incorporated on the same date.
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Little detail on the Australian subsidiary is available, but the company will be dedicated to renewable energy and focus solely on the Australian renewables market.
The new subsidiary comes as Australia and India increasingly grow closer in securing each respective energy transition. The India-Australia Renewable Energy Partnership (REP) launched at the Group of 20 (G20) summit in Rio de Janeiro, Brazil, in November.
The REP aims to provide the framework for practical cooperation in priority areas such as solar PV, green hydrogen, energy storage, two-way investment in renewable energy projects and upgraded skills training for the future renewable energy workforce.
Waaree, headquartered in Mumbai and recognised as India’s largest solar PV module manufacturer, claims to have a solar module manufacturing capacity of 12GW. Some of this capacity has been granted through its solar manufacturing subsidiary Indosolar, which earlier this year started operations at a 1.3GW module assembly plant in the industrial hub of Noida, in the northern Indian state of Uttar Pradesh. The technology used for the production of the modules has not been disclosed.
The company has also announced plans to build a 3GW manufacturing plant in the US state of Texas, which can later be expanded to an annual capacity of 5GW, as it looks to help meet the world’s growing demand for new solar modules.
Moreover, Waaree has secured several supply agreements in India, including a 445MW bifacial module supply with Norwegian energy company Statkraft’s Indian subsidiary. In June, Waaree signed a 412.5MW p-type bifacial module supply with Juna Renewable Energy, a subsidiary of Spanish power company Acciona Energía.
