Solar module manufacturer Waaree Energies has approved an additional capital expenditure of ₹80 billion (~$901.47 million) in its wholly owned subsidiary Waaree Energy Storage Solutions to expand the production capacity of its lithium-ion advanced chemistry storage cell and battery energy storage system manufacturing plant from 3.5 GWh to 20 GWh.

The company also approved an additional capital expenditure of ₹1.25 billion (~$14.09 million) in its wholly owned subsidiary Waaree Clean Energy Solutions to increase the annual production capacity of its electrolyzer manufacturing plant from 300 MW to 1,000 MW.

Waaree decided to increase the capacity of its inverter manufacturing plant from 3 GW to 4 GW through an additional capital expenditure of ₹500 million (~$5.63 million) in its wholly owned subsidiary, Waaree Power.

Waaree Energies recently invested ₹3 billion (~$33.79 million) in Waaree Energy Storage Solutions through a rights issue to establish a lithium-ion advanced chemistry storage cell manufacturing plant.

Earlier this month, Waaree Energies commenced commercial operations at its 950 MW solar module manufacturing plant in the Navsari district of Gujarat. The company is planning new facilities for 3 GW of modules at Samakhiali, Gujarat; 3 GW of modules in Gujarat, Tamil Nadu, or any other location; 6 GW of solar cells at Unn, Gujarat; and 6 GW of ingots and wafers at Nagpur, Maharashtra.

As of the first quarter(Q1) of the financial year  2026, Waaree has a solar module manufacturing capacity of 15.1 GW and a solar cell manufacturing capacity of 5.4 GW.  Waaree achieved the highest-ever quarterly module production of 2.3 GW in Q1, compared to 1.4 GW in the corresponding quarter last year.

Waaree has been diversifying into other segments in the renewable energy space. Waaree Power announced that it is acquiring a 76% stake in Maharashtra-based smart meter manufacturing company, Racemosa Energy. The company will acquire the shares at a cost of ₹530 million (~$6 million).

In August 2025, Waaree Energies announced it would acquire a 64% equity stake in Kotsons, a Rajasthan-based power transformer solutions company, for ₹1.92 billion (~$21.79 million).