Waaree Energies Limited, a prominent player in the renewable energy sector, has announced significant business expansions and key leadership changes following the outcome of the Board Meeting held on March 25, 2025.

Expansion of Manufacturing Capacity

The Board of Directors approved the establishment of additional module manufacturing lines at two locations:

1. 1.6 GW Module Manufacturing Line in Texas, USA:
   Waaree Energies will set up an advanced module manufacturing line with a capacity of 1.6 GW at its Brookshire unit in Texas, USA. This expansion aligns with Waaree's strategy to strengthen its footprint in international markets and cater to the growing demand for solar modules globally.

2. 3.2 GW Module Manufacturing Lines at Chikhli, Gujarat:
   The company will also establish additional module manufacturing lines with a capacity of 3.2 GW at its plant in Chikhli, Navsari, Gujarat. This move is aimed at increasing domestic production capacity to meet the rising demand for solar modules in India.

These expansions position Waaree Energies to significantly increase its overall manufacturing capacity and solidify its leadership position in the solar energy sector.

Key Leadership Changes

The Board also approved significant changes in the company’s leadership, enhancing the strategic focus and governance structure.

1. Appointment of Mr. R.S. Loona as Independent Director

• Effective Date: March 26, 2025

• Term: Five (5) consecutive years, ending on March 25, 2030

• Profile:
  Mr. R.S. Loona, a distinguished corporate lawyer with expertise in securities law, banking, infrastructure projects, and regulatory advisory, has been appointed as an Additional Non-Executive Independent Director of Waaree Energies.

  • He previously served as Executive Director (Law) at SEBI for four years, overseeing the Legal Affairs, Enforcement, and Adjudication Departments.

  • Mr. Loona has also held senior positions at IDBI (Industrial Development Bank of India), contributing significantly to the legal and regulatory landscape of the financial sector.

2. End of Tenure of Mr. Jayesh Shah as Independent Director

• Effective Date: March 25, 2025 (Close of Business Hours)

• Contribution:
  Mr. Jayesh Shah, who has been associated with Waaree Energies for over a decade, completed his second term as an Independent Director on March 25, 2025.

  • The Board expressed gratitude and appreciation for Mr. Shah’s invaluable guidance, strategic insights, and unwavering support during his tenure.

3. Appointment of Mr. Ankit Doshi as President - Strategy

• Effective Date: March 26, 2025

• Designation: Senior Management Personnel

• Profile:
  Mr. Ankit Doshi, a B.Tech in Mechanical Engineering and MBA (Tech) in Finance from Narsee Monjee Institute of Management Studies (NMIMS), has been appointed as President - Strategy.

  • He has been associated with Waaree Group for over nine years, contributing significantly to the company’s growth and innovation.

  • Mr. Doshi has been instrumental in spearheading Waaree's inverter business, enhancing India's energy transition capabilities, and leading innovative retail strategies that have strengthened the company's market presence.

  Relationship Disclosure: Mr. Ankit Doshi is the son of Mr. Hitesh Doshi, Chairman and Managing Director (Promoter) of Waaree Energies Limited.

Details on Committee Memberships

Mr. R.S. Loona has been inducted into the following Board Committees:

• Nomination and Remuneration Committee: Member

• Corporate Social Responsibility (CSR) Committee: Member

Compliance and Regulatory Disclosures

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in compliance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, the requisite disclosure was enclosed as Annexure A.

The Board meeting commenced at 11:30 AM and concluded at 03:00 PM. The updates and resolutions passed during the meeting reflect Waaree Energies' commitment to enhancing manufacturing capabilities, strengthening governance, and driving strategic growth.

Future Outlook

With the expansion of its manufacturing capacity and the appointment of experienced leaders, Waaree Energies is well-positioned to capitalize on the growing demand for solar energy solutions globally. The company’s strategic decisions underscore its dedication to sustainable growth and innovation in the renewable energy sector.

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