Waaree Solar Americas Secures 288 MW Solar modules Supply Order

Waaree Energies' arm, Waaree Solar Americas, received a 288 MW solar module supply order from a developer and owner-operator of a utility-scale solar and energy storage project in the United States (US). The company said in a regulatory filing that it would supply the latest solar module order in the financial year 2026–27.

The latest order builds on the previous orders it has secured from the US. Waaree Energies Chief Executive Officer (CEO) and Director Amit Paithankar said in an investor call that its US capacity, following the acquisition of Meyer assets, stands at 2.6 GW, increasing the company’s total module capacity touched 18.7 GW.

Navigating FEOC Conditions

During the call, Paithankar shed light on the Waaree Energiers' approach to navigating the FEOC Act. He said the company’s supply chain is being configured in a way that ensures complete alignment with prevailing laws and rules, including FEOC conditions, freeing its supply chain from these constraints. Paithankar added, “We have also configured it in such a way that the tariff problems associated with that are the lowest.”

To manage the company’s order book, Paithankar said the company uses a balanced mix, with a significant number of US orders fulfilled from India, while a reasonable share is catered to from the US.

On navigating tariff-related issues, he said the company is working to minimise tariff exposure because procuring cells from specific geographies helps limit tariff amounts. He further clarified that the onus to pay tariffs shifts based on negotiations between the company and customers. 

He further clarified the ways and means the company uses to manage and navigate the FEOC clause. Bringing some clarity on the company's approach to the problem, he said, “In many cases, there are change-of-law clauses; in many cases, it is a matter of negotiation. At the end of the day, we want to ensure we meet customer requirements while achieving our EBITDA targets. That is how we are approaching these commitments.”

On a question about navigating Indian non-DCR modules versus US modules, Chief Financial Officer of Waaree Energies, Sonal Shrivastava, said US modules are typically priced in the range of 28–30 cents, indicating a higher cost in the US compared to India.