Waaree Not Moving Out of Odisha, It’s A Strategic Realignment: CEO

Waaree Not Moving Out of Odisha, It's A Strategic Realignment: CEO

In the wake of the company’s recent statement of changes in its original solar manufacturing plan, the top management of Waaree Energies has denied complete withdrawal of the firm from its projects in Odisha. The top management of the firm told Saur Energy the exercise was a “realignment to multiple geographies” to expedite their plan of integrated solar manufacturing, ranging from modules to ingots. 

“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. We continue to recognize the immense potential of the state and are grateful for the proactive support extended by the Odisha government,” said Amit Paithankar, the Whole-time director and CEO of Waaree Energies in a statement to Saur Energy.

He further explained that the move reflects a strategic realignment of certain components of the company’s planned 6 GW integrated solar manufacturing capacity. “In light of the board resolution passed yesterday, Waaree Energies Limited has undertaken a strategic realignment of certain components of our planned 6 GW integrated solar manufacturing capacity across multiple geographies. This decision is aimed at accelerating project momentum, optimizing resource utilization, and ensuring timely execution in line with our IPO objectives,” he added.

What Did Waaree Energies State in Its Exchange Filing?

In a regulatory filing with the stock exchanges, Waaree Energies disclosed that its Board of Directors had approved changes in the location of the 6 GW integrated solar manufacturing plant—which includes ingot, wafer, solar cell, and module production—as originally outlined in its Red Herring Prospectus (RHP). The revised plan includes:

• 3 GW modules at Samakhiali, Gujarat
• 3 GW modules at Gujarat/Tamil Nadu/other locations
• 6 GW cells at Unn, Gujarat
• 6 GW ingots and wafers at Nagpur

Waaree Energies, the solar manufacturing arm of the Waaree Group and India’s largest solar module producer, had launched its IPO in the last financial year. A significant portion of the IPO proceeds was earmarked for the now realigned 6 GW integrated solar manufacturing plant initially proposed for Dhenkanal, Odisha.

Odisha has gradually emerged as a key destination for solar manufacturing, attracting several companies—such as Saatvik Energy, Icon Solar, Inox Solar, and Jupiter Energy—looking to set up module or cell production facilities. The state offers strategic advantages including port proximity, low electricity duties, and provident fund (PF) and labor incentives for solar sector workers, positioning itself as a favorable location for solar manufacturing investments.