Waaree Energies Limited, India’s leading solar panel manufacturer, has issued a formal clarification regarding its expansion strategy for the planned 6 GW integrated solar manufacturing capacity, following media speculation and public interest about its commitment to the Odisha facility.

In an official statement issued on June 21, 2025, the company sought to reaffirm its long-term commitment to Odisha, even as it undertakes a strategic realignment of project components across multiple geographies to better align with its Initial Public Offering (IPO) goals.

🔍 Clarification on Board Resolution and Strategic Shift

This clarification follows the Board Meeting held on June 20, 2025, where the company resolved to realign certain elements of its pan-India solar manufacturing strategy. According to Dr. Amit Paithankar, Whole-time Director & CEO of Waaree Energies:

“Waaree Energies 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.”

🏗️ Odisha Facility: On Track and Active

Contrary to speculations of withdrawal, Waaree clarified that construction at the Odisha solar facility is in full swing:

“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.”

The company also expressed its gratitude to the Odisha Government for the proactive support and reiterated that Odisha remains an important and strategic part of its long-term roadmap.

This strategic region continues to hold immense potential for Waaree’s ambitions in solar panel manufacturing and renewable energy growth.

🌍 Integrated Approach Across Geographies

Waaree Energies is undertaking an expansive push toward a 6 GW integrated manufacturing footprint. This involves module, cell, and potentially wafer production capabilities, aligned with India's Make-in-India and Atmanirbhar Bharat policies.

The realignment pertains to resource reallocation, operational staging, and timeline optimization to ensure:

• Timely execution of infrastructure

• Cost-effective resource deployment

• Enhanced capital efficiency in line with IPO disclosures

However, these adjustments are tactical rather than structural, and Odisha remains firmly embedded in the company’s overall strategy.

📊 IPO and Market Outlook

Waaree’s strategic moves are being carefully calibrated in light of its upcoming IPO, which aims to raise funds to support its capital-intensive manufacturing plans, expand into export markets, and capture rising domestic demand for solar energy infrastructure.

The company's realignment is seen as part of its effort to create predictable execution timelines, attract global investors, and position itself competitively against global solar module giants.

🌱 Support for India’s Renewable Energy Goals

Waaree reiterated that it remains aligned with national and state-level renewable energy targets, and Odisha's role in this journey remains pivotal:

“We are actively exploring meaningful avenues for collaboration that advance both state and national renewable energy goals,” said Dr. Paithankar.

The company also emphasized its agility in responding to changing project conditions, while ensuring continuity and sustainable business development.

🏢 About Waaree Energies Limited

Established in 1989 and headquartered in Mumbai, Waaree Energies Limited is a flagship company of the Waaree Group, with businesses spanning solar panel manufacturing, EPC services, solar project development, and solar water pumping systems.

Waaree has a global presence in more than 68 countries and is known for delivering reliable and high-efficiency photovoltaic modules.

The company is listed on both the BSE (Scrip Code: 544277) and the NSE (Symbol: WAAREEENER) and continues to be a leading player in India’s solar revolution.

🌐 Forward Path: Sustainable, Scalable, and Inclusive

With this clarification, Waaree has reinforced its commitment to transparency, stakeholder trust, and region-specific investment strategies. Its multi-location strategy allows it to balance risks, leverage local advantages, and accelerate its growth trajectory in the competitive renewable energy space.

In summary:

• Odisha remains a key location for Waaree’s solar plant manufacturing goals

• The current changes are part of a broader realignment strategy, not abandonment

• The company remains committed to its IPO commitments, growth, and stakeholder alignment

This approach underscores Waaree’s dedication to building for the long-term, while staying agile to navigate the evolving renewable energy and capital markets landscape.

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