Waaree Energies has received a letter of award (LOA) from Solar Energy Corp. of India (SECI) to develop a 700 MW solar power project paired with a 700 MW/2,800 MWh energy storage system (ESS) in Solapur, Maharashtra. The project will supply power under a 25-year power purchase agreement (PPA).
Separately, the company’s board of directors has approved the consolidation of its manufacturing facilities in India through the relocation of plant and machinery from its 1 GW Tumb facility and 1.11 GW Nandigram facility to its existing manufacturing plant in Chikhli, Gujarat.
The board also approved approximately $37 million in capital expenditure by Waaree Solar Americas Inc. (WSA), a wholly owned subsidiary of Waaree Energies, to revamp its module manufacturing facility in Arizona, United States.
The revamp will involve replacing the existing module manufacturing lines with new high-efficiency production lines, increasing WSA’s manufacturing capacity in Arizona from 1 GW to 1.6 GW.
Following the expansion, Waaree Energies’ total manufacturing capacity in the United States will increase to 4.8 GW, comprising 3.2 GW in Texas and 1.6 GW in Arizona.
The company said the Arizona capital expenditure will be funded through a combination of debt and internal accruals.
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