Waaree Energies Secures 400 MW PV Supply Contract From GIPCL

Waaree Renewables Reports 341% Surge In PAT In Q4, 167% Annually

Waaree Energies Limited, India’s leading solar PV modules manufacturer, recently received a reception of a Letter of Intent (LOI) from Gujarat Industries Power Company Limited (GIPCL) for a 400 MW module supply deal. The contract entails the supply of solar PV modules incorporating advanced bifacial technology for the 2,375 MW RE Park near Vill. Khavda, Great Rann of Kutch, Gujarat.

Waaree Energies Limited, currently has an aggregate installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report). The company plans to undertake the manufacturing, testing, packing, and transportation of these solar PV modules, while adhering to the prescribed quality standards and an aim to execute the project in a timely manner. Each module, featuring ALMM category specifications and a capacity ranging from 540 Wp to 570 Wp, is expected to ensure optimal performance, durability, and efficiency.

Hitesh Chimanlal Doshi, Chairman & Managing Director, Waaree Energies Limited, commented, “We are honoured to collaborate with GIPCL on this project, marking a milestone in India’s renewable energy journey, this initiative underscores our commitment to promote domestic manufacturing, generate employment, and support the nation’s ambitious renewable energy targets while aiming to uphold the standards of excellence.”

The procurement of 400 MWp bifacial solar PV modules, accompanied by mandatory spares of 0.5% (2 MW) is among the larger domestic deals for Waaree this year. The Bifacial deal also underscores how far the market has changed in the past two years, when mono first, and then Bifacials completely displayed polycrystalline modules from the market. TOPCon modules are expected to gain market share in the near future, even as Bifacials enjoy a strong run due to much lower prices than in 2022-23.

The firm has been on a deal winning spree with India looking to add at least 20 GW of solar capacity this year. With a strong local presence through a national distribution channel, Waaree has also been leading at the retail level in rooftop segments.