Waaree Renewable Technologies – a subsidiary of Indian solar manufacturer Waaree Energies – has signed a memorandum of understanding (MoU) with Vietnamese investment joint stock company Viet Khanh to establish a 100MWp solar project in the region.
With an investment of INR10.2 billion (US$1.22 billion), the project involves Engineering, Procurement, and Construction (EPC) work on a turnkey basis. Waaree will finalise the order value and execution timeline as part of a definitive agreement.
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“We are proud to announce that Waaree Renewable Technologies has signed a MoU with Viet Khanh Group, Vietnam for a 100MWp Solar EPC Turnkey Project, encompassing PV modules and transmission line infrastructure,” the company said in a post on LinkedIn.
According to the firm, this strategic collaboration builds on the success of its 49.5MW project in 2019. Waaree Energies set up its offices in Vietnam in 2018, marking the beginning of its expansion into Southeast Asia. This was followed by the company securing its first project in the region – an EPC and module supply contract for a 60MW solar power plant in Khanh Hoa province, in collaboration with Song Giang Solar Power JSC. The plant was commissioned in May 2019.
Waaree Energies currently boasts an annual nameplate capacity of 13.3GW for solar modules and 5.4GW for solar cells, operating across five advanced manufacturing facilities in India.
In late 2023, Waaree announced its entry into the US market with a planned investment of up to US$1 billion, setting up a 3GW module manufacturing plant in Houston, Texas. As part of its long-term roadmap, the company aims to scale its American manufacturing capacity to 5GW annually by 2027. Most recently, Waaree Solar Americas, the company’s US subsidiary, signed an agreement to supply 599MW of solar modules to an undisclosed leading independent power producer (IPP).
