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Waaree Energies Invests Rs3 Billion in Energy Storage Expansion

Waaree Energies, one of India’s top solar module manufacturers, has invested Rs3 billion into its wholly owned subsidiary, Waaree Energy Storage Solutions, through a rights issue. The funding will support the establishment of a lithium-ion advanced chemistry storage cell manufacturing plant, marking Waaree’s entry into large-scale energy storage manufacturing.

The rights issue involved 600 million partly paid-up equity shares at a face value of Rs10 each, with Rs5 paid upfront and the remaining Rs5 payable on call. Waaree Energies, which held 8.6% of India’s module shipments in 2024, currently has a solar module manufacturing capacity of 15 GW and solar cell capacity of 5.4 GW. Its order book stands at approximately 25 GW, worth about Rs490 billion.

The investment aligns with India’s policy push, as the Ministry of Power has allowed energy storage systems to be developed and operated by a wide range of stakeholders, including generating companies and independent providers. Alongside storage, Waaree is also diversifying its renewable energy portfolio. Recent moves include acquiring a majority stake in Racemosa Energy, a Maharashtra-based smart meter company, and a 64% stake in Rajasthan-based power transformer firm Kotsons. Additionally, Waaree Solar Americas acquired part of Meyer Burger’s solar module machinery, strengthening its international presence.

This strategic expansion underscores Waaree’s commitment to building integrated solutions across solar, storage, and power infrastructure, positioning itself as a key player in India’s clean energy transition.