Solar module manufacturer Waaree Energies has approved the establishment of a 300 MW electrolyzer and a 3.5 GWh lithium-ion Advanced Chemistry Storage Cell manufacturing plant.

The company will set up the electrolyzer manufacturing project under its subsidiary Waaree Clean Energy Solutions, utilizing ₹5.51 billion (~$64.75 million) in capital expenditure (CAPEX) and ₹2 billion (~$23.50 million) in investment.

The project will be developed under the Production-Linked Incentive tender issued by the Ministry of New and Renewable Energy through the Solar Energy Corporation of India. The CAPEX will be funded by debt and internal accruals.

Waaree Energy Storage Solutions, another Waaree Energies subsidiary, will set up the 3.5 GWh lithium-ion Advanced Chemistry Storage Cell manufacturing project.

This project will utilize ₹20.73 billion (~$243.63 million) in CAPEX funded by debt and internal accruals and ₹6.5 billion (~$76.39 million) in investment.

The company is also investing a CAPEX of ₹1.3 billion (~$15.27 million) in its invertor business through its subsidiary, Waaree Power. Waaree Energies will contribute up to ₹400 million (~$4.7 million) to this investment.

In December, Waaree Energies announced plans to build a 5 GW integrated solar cell and module manufacturing facility in Brookshire.

In October, Waaree Energies’ ₹43.21 billion (~$513.95 million) initial public offering garnered strong investor interest from institutional and retail buyers, with the issue being oversubscribed 76 times. Proceeds from the issue were meant to fund the establishment of a 6 GW production facility in Odisha dedicated to ingot wafers, solar cells, and photovoltaic modules.

Waaree Energies emerged as one of the top solar module suppliers in the first half of 2024, according to Mercom’s India Solar Market Leaderboard 1H 2024.

Waaree Forever Energies recently received a letter of award from Rewa Ultra Mega Solar to develop a 170 MW solar project in Madhya Pradesh.