Waaree Energies Ltd., one of India’s leading solar module manufacturers, has further strengthened its global footprint with a new 540 megawatt (MW) module supply contract in the United States. The contract was awarded to its wholly-owned subsidiary Waaree Solar Americas Inc., by a prominent US-based developer specialising in utility-scale solar and energy storage solutions.

The agreement, according to a filing made by the company to Indian stock exchanges, was finalised on June 27. This marks a significant step in Waaree’s continuing international expansion in the renewable energy sector.

Contract Details and Phased Deliveries

Under this deal, Waaree will supply 540 MW of solar PV modules in two phases:

• 270 MW to be delivered in 2025

• The remaining 270 MW scheduled for 2027–2028

This phased execution is part of a one-time international supply agreement, ensuring flexibility and alignment with the long-term project deployment plans of the American developer.

Waaree’s consistent track record and timely delivery have made it a preferred partner for large-scale solar projects globally, especially in North America.

Recent International Wins Boosting Confidence

This latest order follows a string of large-scale wins for Waaree Energies in the US market. In recent weeks, the company announced two other major contracts:

• A 586 MW module supply deal

• A separate 599 MW module supply contract

Together with the new 540 MW agreement, these deals represent more than 1.7 GW of solar modules committed for export to the US, highlighting Waaree’s aggressive push into the international market.

Capacity Expansion in the US

To support growing international demand, Waaree is doubling the manufacturing capacity at its Brookshire, Texas facility. Currently under development, this plant is expected to reach a capacity of 3.2 GW by the end of 2025.

This expansion is strategically important, as the US seeks to reduce its dependence on Chinese solar imports and promotes local and allied nation manufacturing partners through regulatory support and incentives.

Compliance with US Regulations: FEOC Norms

Waaree has also taken proactive steps to assure compliance with US trade and import norms, especially in the context of the Foreign Entity of Concern (FEOC) rules that are becoming increasingly stringent.

Earlier this month, the company issued a reaffirmation that it is fully compliant with FEOC regulations, ensuring uninterrupted and secure module delivery to US developers.

Such compliance enhances customer confidence and allows Waaree to qualify for participation in major US solar projects backed by the government or large institutional investors.

Robust Global Order Book and Market Confidence

Waaree revealed that its current global order book stands at 25 GW, with delivery commitments extending through 2027. This positions the company as one of the most competitive solar module suppliers from India on the international stage.

The order book comprises a mix of international contracts and domestic Indian projects, with a heavy emphasis on utility-scale demand from North America.

Stock Market Reaction

Despite the strong order inflow, shares of Waaree Energies Ltd. were trading marginally lower on Friday, June 27. At 1:51 PM, the stock was priced at ₹2,941.30, reflecting a 0.19% dip on the National Stock Exchange (NSE).

This minor correction may be a result of profit booking after recent upward movement, and not necessarily reflective of long-term investor sentiment, which remains positive due to strong fundamentals and project wins.

Industry Significance and Strategic Impact

This deal cements Waaree’s role as a key enabler in the global clean energy transition, especially as the US scales up solar deployment to meet ambitious net-zero targets.

India’s growing stature as a reliable alternative to Chinese solar manufacturing is gaining traction, and Waaree Energies is clearly positioning itself as a leader in this shift.

The deal also highlights the emerging "China plus one" strategy adopted by major US developers who are diversifying their supplier base amid geopolitical uncertainties and trade restrictions.

Future Outlook

Looking ahead, Waaree’s strategy seems clear:

• Aggressively expand manufacturing capacity both in India and abroad

• Win high-value, long-term export contracts to strengthen its global brand

• Maintain regulatory and trade compliance to qualify for US incentives and federal project eligibility

• Continue technological investments to produce high-efficiency, next-gen solar modules

With the Brookshire plant expansion, continued US partnerships, and a 25 GW order book, the company is likely to see increased revenues and margins from international business in the coming years.

Final Words:

Waaree Energies is rapidly transforming from a domestic solar player to a global renewable energy brand, and the 540 MW deal is yet another validation of its upward trajectory.

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