Solar module manufacturer Waaree Energies has announced a strategic realignment of certain components of its integrated 6 GW module, cell, ingot, and wafer manufacturing facility, citing execution delays.

It, however, clarified that the company is not shelving its solar manufacturing project in Odisha.

“We want to emphasize that we are not moving away from Odisha. Construction activities are actively ongoing, and contracts for the Odisha facility have been duly awarded and are being executed as planned. Our commitment to Odisha remains strong,” said Amit Paithankar, CEO and Wholetime Director, Waaree Energies.

In an earlier BSE filing, Waaree said the company’s board had approved a change in the location for implementing the 6 GW capacity ingot-wafers, solar cells, and module manufacturing facility to utilize the proceeds from the initial public offering (IPO) and expedite the project.

The new locations include facilities for 3 GW modules at Samakhiali, Gujarat; 3 GW modules in Gujarat, Tamil Nadu, or any other location; 6 GW cells at Unn, Gujarat; and 6 GW ingots and wafers at Nagpur, Maharashtra.

The company also revised the project cost slightly to ₹90,499.59 million (~$1 billion).

The ₹43.21 billion (~$513.95 million) IPO in October 2024 had generated strong interest from both institutional and retail investors. At the end of the bidding window, the issue was oversubscribed 76 times. Qualified institutional buyers led the demand, with a subscription rate of 208.63 times, followed by non-institutional investors at 62.37 times. The retail investor portion was subscribed 10.61 times.

Waaree Energies has a solar module manufacturing capacity of 13.3 GW and a cell manufacturing capacity of 5.4 GW.

In May, the company announced it would acquire transformer manufacturer Kamath Transformers and independent power producer Green New Delhi Forever Energy at a cumulative cost of over ₹2.93 billion (~$34.25 million).

Last year, Waaree announced it would establish a 300 MW electrolyzer and a 3.5 GWh lithium-ion Advanced Chemistry Storage Cell manufacturing plant under the Ministry of New and Renewable Energy’s Production-Linked Incentive program.