Waaree to Invest ₹30,000 Crore in Fully Integrated Clean Energy Platform Expansion

Waaree Energies is set to invest around ₹30,000 crore over the next 18–24 months as it accelerates its transformation into a fully integrated clean energy platform. The company announced the expansion alongside strong March quarter financial results. According to Chief Financial Officer Abhishek Pareek, the massive capital expenditure signals a strategic shift beyond solar modules into a broader energy transition ecosystem. “The important message is that we are building the organisation to integrate across the entire energy transition value chain. Waaree is no longer just a solar company,” Pareek said.

Majority Outlay Ahead

Waaree has already deployed ₹2,000–3,000 crore of the planned capex, with ongoing construction in cell and battery manufacturing facilities. The company expects to incur nearly 80–85% of the total investment over the next 18–24 months, reflecting an aggressive expansion roadmap. To support this growth, the board has also approved raising up to ₹10,000 crore through a qualified institutional placement (QIP).

Deep Backward Integration Across Solar Value Chain

Waaree is strengthening its position through deep backward integration across the solar manufacturing ecosystem. Cell manufacturing capacity will expand from 5.4 GW to 15 GW by December. Ingot and wafer capacity of 10 GW is expected to become operational within 12–15 months. Module manufacturing capacity will rise to 28 GW within six months, including an additional 2.5 GW in the United States. The expansion builds on the company’s existing base of around 25 GW of modules and 5 GW of cell capacity.

Strategic Global Integration and Polysilicon Access

In a key upstream move, Waaree has acquired a strategic equity stake in an Oman-based polysilicon facility. This positions the company among a select group of non-Chinese players with near end-to-end integration across the solar value chain—from polysilicon to modules—while also expanding into power electronics, EPC, and energy storage solutions.

Entry into Battery Manufacturing and Energy Storage

Beyond solar, Waaree is making a strong push into the energy storage segment. The company plans to establish 3.5 GW of lithium iron phosphate (LFP) battery cell manufacturing capacity in the initial phase. This will scale up significantly to 16.5 GW by FY28. Overall, Waaree expects its total storage capacity to reach around 20 GW, strengthening its position in the fast-growing clean energy and battery ecosystem.

Building a Full Clean Energy Transition Platform

With this expansion strategy, Waaree Energies is positioning itself as a fully integrated clean energy company spanning solar, storage, and downstream energy solutions. As reported by thehindubusinessline.com, the company’s aggressive capex plan reflects rising global demand for renewable energy infrastructure and India’s push toward energy independence and clean power leadership.