Waaree Energies bets on US solar boom, expands local sourcing on data-centre growth

NEW DELHI: India's top solar module maker Waaree Energies is expanding manufacturing and localising supplies in the US in a bet on rising power demand for data centres, Chief Financial Officer Abhishek Pareek said.

Waaree would "double down" on its U.S. manufacturing footprint as new import rules, and other duties imposed by the U.S., make it expensive to supply the market from India, Pareek said in an interview.

Waaree's U.S. module manufacturing capacity is set to increase to 4.8 GW by the end of the fiscal year from 1.6 GW currently.


The company expects overseas revenue to increasingly come from local U.S. operations rather than exports from India.

Historically, Waaree supplied about 2-2.5 GW annually to overseas customers, but Pareek said volumes could "easily be around double" those levels because of new U.S. capacity.

The company already has an order book of more than 10 GW from the U.S, giving visibility for the next two to three years, Pareek said.

Cells used in the U.S. were previously imported and the company is now trying to source the supply locally.

By the end of calendar 2027, Waaree expects to have "a lot of sources" for supplies from within the United States itself, Pareek said.

Demand in the US remains robust, driven in part by the rapid expansion of data centres and their growing electricity needs, he said.