Union Minister unveils 5.4 GW Waaree facility in Gujarat, outlines roadmap for complete solar value chain indigenization
Navsari, March 2025 – India’s solar manufacturing ecosystem is poised for transformational growth with PV module capacity projected to reach 125 GW and cell production hitting 40 GW by 2030 Union Power and New & Renewable Energy Minister Pralhad Joshi announced during the inauguration of Waaree Energies’ cutting-edge 5.4 GW solar cell plant in Gujarat.
India’s Solar Manufacturing Leap: Key Milestones
📊 Capacity Growth Trajectory
| Component | 2014 | 2025 | 2030 Target |
|---|---|---|---|
| PV Modules | Nil | 80 GW | 125 GW |
| Solar Cells | Nil | 25 GW | 40 GW |
| Polysilicon | Nil | 3 GW* | 15 GW* |
| *(Projected based on current proposals) |
🚀 Waaree’s Navsari Facility
- Scale: World-class 5.4 GW cell manufacturing
- Technology: TOPCon and HJT cell lines
- Employment: 2,100 direct jobs created
Policy Engine Driving Growth
🔋 PLI Scheme: ₹24,000 crore for solar manufacturing
☀️ ALMM Mandate: 100% domestic procurement for govt projects
🛑 Import Curb: 40% BCD on solar modules since 2022
Global Leadership Claims
• RE Capacity: 3rd largest at 220 GW (500 GW target by 2030)
• Green Hydrogen: 50% export orders for electrolyzers booked
• Emission Paradox: <4% GHG share despite 17% global population
Minister’s Vision
“From polysilicon to modules, green ammonia to methanol – India will dominate the entire clean tech value chain. When PM Modi commits, the world takes notice.”
- Pralhad Joshi, Union Minister
Gujarat’s Renewable Ecosystem
• Atmanirbhar Gujarat Policy: ₹43,000 crore invested across 183 units
• Manufacturing Hub: 60% of India’s solar equipment output
• Infrastructure: 24/7 power, plug-and-play industrial parks
Industry Implications
✅ Job Creation: 45,000 new technical roles by 2030
✅ Import Substitution: $11 billion annual solar import bill to halve
✅ Tech Upgrade: Shift from PERC to TOPCon/HJT cells
What’s Next?
• Q2 2025: PLI Tranche-II disbursements
• 2026: First polysilicon plants operational
• 2027: Potential wafer manufacturing breakthroughs
Investor Takeaways
💰 Margin Expansion: Domestic manufacturing saves 22% logistics costs
🌎 Export Potential: 35 GW capacity earmarked for global markets
⚡ Energy Security: 18,100 villages to get solar-powered electricity
Market Watch: Waaree Energies stock up 6.3% post-inauguration
Optimized for Renewable Stakeholders
☀️ Project Developers: Cheaper modules with ALMM compliance
🏭 Equipment Makers: Opportunity in ancillary manufacturing
🌱 ESG Funds: India’s renewable story gaining global traction
Sources: MNRE data, CEEW analysis, Gujarat Industrial Policy
