Why Waaree Is Betting Big on the US Market While Premier Energies Remains Cautious?

In India, two key solar manufacturers—Premier Energies and Waaree Energies—are creating ripples in the Indian solar market. This stems from their robust financial performances and an increasing inclination toward strong backward integration, extending up to wafers and ingots by FY27.

However, on some key issues, the two solar module and cell makers are charting their own paths. While Premier Energies is still hesitant to venture into the United States (US) market for manufacturing solar modules and cells, Waaree Energies took the early bird route and commissioned its solar module manufacturing factory just days before US President Donald Trump took office.

Premier Energies On US Manufacturing

Hyderabad-based Premier Energies believes that the US manufacturing market is currently undergoing turmoil in terms of policies, and it is better to wait for further clarity.

“Regarding our proposed cell manufacturing plant in the US, we have decided to continue keeping those plans on hold for now, pending greater clarity on the US policy and tariffs. That said, it's important to note that our business model is deeply anchored in the Indian market. Less than 1% of our total order book currently comes from the United States,” the top management of Premier Energies said in a recent investor call.

The management believes that, given the current production levels, it is better to focus on the domestic Indian market. Thus, the company is not inclined to export its solar modules and cells to the US either.

“On a short-term or medium-term outlook, there is a big demand from the US. But then we don't have enough capacities. Our priority has always been to cater to the Indian market. And we work very closely with the programs monitored by the ministry. The demand in India is so strong that we have no capacity for the US,” the management added.

Waaree’s Love for the US Market

Contrary to Premier Energies, Waaree Energies has taken a different approach altogether. Unlike the majority of Indian firms that are waiting for more stable policies in the US, Waaree Energies, in a strategic move, opened its GW-scale solar module manufacturing plant in the US in January 2025, days before Donald Trump took over as the new President. The company now operates a 1.6 GW solar module manufacturing facility in the US.

Waaree now enjoys the benefits of tax credits under the Inflation Reduction Act (IRA). Meanwhile, the US government’s imposition of high tariffs and restrictions on Chinese imports of solar equipment gives a clear advantage to US-based manufacturing operations.

On the export front, Waaree Energies is strongly export-oriented. A large chunk of its order book and revenues stem from overseas markets. As per the latest figures released by the company, its order book stands at 25 GW, worth around ₹49,000 crore. Of this, 41.3% is from overseas clients, including the US. Revenue-wise, 32% of its earnings come from international markets.

What If Favouring Waaree In the US?

Amit Paithankar, CEO of Waaree Energies, told investors in a recent investor call that the company secured 2.23 GW of new orders from the US market in the last quarter. According to him, three key drivers are shaping the US solar market: the rise of AI-driven data centers, increasing power demand, and rapid electrification of transportation. He also mentioned that the company continues to benefit from a 45% tax credit for its US manufacturing facility.

In its latest investor presentation, the company projected that US solar capacity is expected to rise from 236 GW in 2024 to 500 GW by 2030.

Besides Waaree Energies, many Indian solar module manufacturers have identified the US as a prime export destination, attracted by higher demand, better prices, and the US government’s reluctance to rely on cheap Chinese modules. Companies like Rayzon Solar, Vikram Solar, and others have already expressed interest in establishing manufacturing units in the US. However, most are awaiting further clarity on policies and taxation before moving ahead.

India’s leading solar manufacturers—Premier Energies and Waaree Energies—are clearly adopting different stances in approaching the US market.