Waaree Drops Odisha Solar Plant Plan, Moves To Other States

Waaree Drops Odisha Solar Plant Plan, Moves To Other States

Waaree Energies, India’s largest solar module manufacturer, has scrapped its plan to set up an integrated solar manufacturing facility in Odisha, citing execution delays. The company had initially proposed to manufacture ingots, wafers, cells, and modules from a single location in the Dhenkanal district.

The listed firm said in a regulatory filing on Thursday that its board, acting on the recommendation of its audit committee, approved a change in the project location outlined in the prospectus dated October 23, 2024, under which funds were raised via an initial public offering (IPO). The change remains subject to shareholder approval via a special resolution through postal ballot.

Waaree is now evaluating alternative locations in renewable energy-rich states, including Gujarat and Tamil Nadu, and may opt for a multi-location strategy for its proposed 6 GW manufacturing capacity.

The total amount being deployed in the new project will remain same as mentiond in Prospectus said the firm. Source: Waaree Energies

“The company is experiencing delays in the execution of the project at the location specified in the Prospectus,” Waaree said in a statement. “In order to utilise the IPO proceeds and expedite the project, the Board has approved the change in location.”

As per the revised plan, Waaree proposes:

• 3 GW module capacity at Samakhiali, Gujarat

• 3 GW module capacity at Gujarat/Tamil Nadu/another location

• 6 GW cell capacity at Unn, Gujarat

• 6 GW ingot and wafer capacity at Nagpur, Maharashtra

The company added that the revised configuration would allow it to optimise costs and accelerate commissioning timelines. Waaree had previously commissioned a solar cell plant in Chikhli, Gujarat, during the last financial year as part of its backward integration efforts.

The withdrawal of the Odisha project raises fresh questions over the state’s investment climate for large-scale solar manufacturing. Several other companies, including Saatvik Energy, Grew Solar, Icon Solar, and Jupiter Energy, have recently expressed interest in setting up facilities in Odisha.

Despite not naming Odisha explicitly in the revised plan, the company’s disclosures effectively confirm the exit from the state.