Indian module manufacturer Waaree Energies has ramped up its module manufacturing capacity to 12GW, to be operational by March 2023.
With a current capacity of 9GW – with facilities in Surat, Chikhli, Tumb, and Nandigram – the company expects to increase it to 12GW of annual production output for panels of high-wattage capacity of up to 650Wp.
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Waaree is among seven module manufacturer in India to be approved by the Approved List of Models and Manufacturers (ALMM) to ship high-wattage panels of 500Wp or higher, and is one of five companies in the ALMM list who can also supply bifacial modules, according to consultancy JMK Research & Analytics.
The announcement comes a few months after the company raised INR10 billion (US$120 million) from investors to expand its module production capacity to 9GW at that time.
As the module manufacturer continues to ramp up its production capacity, the company struck a deal in August with China-based PV module assembly equipment specialist Yingkou Jinchen Machinery for the supply of a 2.5GW high-efficiency module production line.
With the implementation of several policies in India this year, from the basic customs duty in April, the launch of the second round of the production linked incentive and the ALMM list, India has shifted the market from a module importer one to a domestic manufacturing one, said Hitesh Doshi, chairman and managing director at WAAREE Energies.