The Board of Waaree Energies has approved significant investment proposals totaling ₹850 crore to establish advanced manufacturing facilities. These initiatives aim to strengthen the company’s position in renewable energy and storage solutions.
Key Investment Highlights
- Electrolyser and Storage Cell Manufacturing Facilities:
- ₹850 crore allocated for setting up these state-of-the-art facilities to bolster production capabilities in renewable energy components.
- Inverter Business Expansion:
- ₹130 crore capital expenditure approved for Waaree Power, a wholly-owned subsidiary, to expand operations in the inverter segment.
- Lithium-Ion Advanced Chemistry Storage Cell Plant:
- A significant capex of ₹2,073 crore approved for setting up a 3.5 GWh lithium-ion storage cell manufacturing plant under Waaree Energy Storage Solutions.
- An additional ₹650 crore investment has been earmarked for the project.
- The capex will be financed through a combination of debt and internal accruals.
Strategic Implications
- Focus on Energy Storage:
The advanced lithium-ion storage cell facility aligns with the rising demand for energy storage solutions driven by the renewable energy sector. - Strengthening the Supply Chain:
The investment in electrolysers and storage cells aims to reduce reliance on imports, fostering a self-sufficient and robust renewable energy ecosystem. - Boost to ‘Make in India’:
These investments reinforce Waaree’s commitment to the government’s ‘Make in India’ initiative, supporting local manufacturing and innovation in clean energy technologies.