Indian solar manufacturer Waaree Energies has secured four solar module supply contracts totalling 692MW – three for projects in India and one in the US through its subsidiary.
The company received three solar module orders totalling 570MW from undisclosed customers developing renewable power projects in India, comprising 220MW, 210MW, and 140MW contracts. In addition, its wholly owned US subsidiary, Waaree Solar Americas, secured a 122MW order from an anonymous developer and operator of utility-scale solar and energy storage projects in the US.
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While the financial details of the orders were not disclosed, all four one-time supply contracts are scheduled for delivery in the next two years.
The supply order received by Waaree Solar Americas comes against the backdrop of the US government’s ongoing antidumping (AD) and countervailing duty (CVD) investigations into crystalline silicon PV cells imported from India, Indonesia, and Laos.
On which Waaree said that it did not expect to incur additional duties on solar cell imports to the US following the US Customs and Border Patrol’s (CBP) AD/CVD investigation. The company said it was fully cooperating with authorities and working to ensure transparency and compliance.
Despite the uncertainty, Waaree Energies’ US arm, Waaree Solar Americas, recently signed a 599MW module supply deal with an independent power producer (IPP) in the US. The modules will be manufactured at Waaree’s Brookshire, Texas plant and are slated for delivery in 2026.
In late 2023, the firm unveiled US expansion plans under Waaree Solar Americas, committing up to US$1 billion to scale capacity there to 5GW by 2027. Currently, the manufacturer operates a 1.6GW solar module production facility in Texas and is in the process of expanding its capacity to 3.2GW. It also recently bought the US assets of struggling Swiss solar manufacturer Meyer Burger, which Waaree claims “further underscores our long-term commitment to the American solar sector and US production”.
The Mumbai-headquartered company has increased its annual solar module capacity to 14.2GW. Recently, Waaree acquired a 64% equity stake in power transformer manufacturer Kotsons. According to the company, Kotsons’ manufacturing capacity will support rising domestic and international demand for transformers. The acquisition brought Kotsons under Waaree’s fold as a subsidiary.
