Waaree Energies to invest $1 bn to set up solar facility in Texas
NEW DELHI : Mumbai-based Waaree Energies will invest up to $1 billion in setting up a solar module manufacturing plant in Texas, US. The facility, to be located in Brookshire, will have an initial capacity to manufacture 3 gigawatts (GW) of solar modules annually by the end of 2024.
The company plans to expand the capacity to 5 GW by 2027, it said in a statement. “Waaree plans to invest up to $ 1 billion over the next four years to scale its annual module manufacturing production up to 5 GW by 2027, making it one of the largest solar module manufacturing facilities in the US.
Waaree will also add an integrated US-made solar cell facility that is expected to be operational by 2025," it said. The new facility is expected to create more than 1,500 jobs in the US when it reaches its full capacity.
Waaree already has a presence in the US solar power market and has so far supplied over 4 GW of modules from its current Indian facility to the US. The company has long-term supply agreement with SB Energy, a US-based climate infrastructure and technology platform with over 2 GW of solar power capacity, 1 GW in construction, and another over 15 GW of solar and storage in development across the US.
Waaree will supply solar modules to SB Energy over the next five years following the commissioning of the facility, which is expected to be established in 2024, the statement said. Waaree chairman and managing director Hitesh Doshi said: “In partnership with a company of SB Energy’s mission and stature, Waaree is fostering a solar manufacturing ecosystem in Texas, a state that has taken a leading position in clean energy manufacturing." “We are delighted to expand our US supply chain with Waaree, a leading global supplier of solar
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