Waaree moves ingot-wafer, cell & module plants to Gujarat/Maharashtra citing delays, dealing a setback to Odisha’s solar hub ambitions.
Gujarat and Maharashtra to Host New Plants as Company Revises Expansion Strategy.
Key Changes in Waaree’s Manufacturing Plan
✔ 6 GW integrated solar facility shifted out of Odisha
✔ New locations:
- 3 GW module plant → Samakhiali, Gujarat
- 3 GW module plant → Gujarat/Tamil Nadu (TBD)
- 6 GW solar cells plant → Unn, Gujarat
- 6 GW ingot-wafer plant → Nagpur, Maharashtra
✔ Reason: Delays in Odisha execution, need to expedite IPO fund utilization
Strategic Implications
1. Blow to Odisha’s Solar Ambitions
- ₹14,489 crore in approved solar investments at risk
- Inox Solar (4.8 GW) & others (Grew, Jakson, Saatvik) still committed
- State’s industrial policy incentives under scrutiny
2. Waaree’s Revised Roadmap
- Faster execution in Gujarat/Maharashtra’s established industrial corridors
- Proximity to ports for export-oriented manufacturing
- Better infrastructure readiness vs. Odisha
3. Market Impact
📈 Positive for Waaree:
- Faster capacity ramp-up to meet PLI obligations
- Optimized supply chain logistics
📉 Challenges for Odisha:
- Perception risk for future investments
- Need for improved project facilitation
Industry Reactions
Solar Manufacturer (Anonymous):
“Gujarat/Tamil Nadu offer plug-and-play infrastructure. Odisha must address execution bottlenecks to attract more players.”
Odisha Govt Spokesperson:
“We remain committed to solar manufacturing. Other projects are progressing well, and we’re enhancing single-window clearances.”
Financial & Operational Context
💰 IPO Proceeds Utilization:
- ₹3,000+ crore raised in Sept 2024
- Deadline pressure to deploy funds
🛠️ Capacity Timeline:
- Phase 1 (3 GW modules) operational by Q3 2026
- Full 6 GW integration by 2027
State-wise Solar Manufacturing Landscape
| State | Committed Capacity (GW) | Key Players |
|---|---|---|
| Gujarat | 25+ | Waaree, Tata, First Solar |
| Tamil Nadu | 18+ | Amplus, Vikram Solar |
| Odisha | 10+ | Inox, Grew, Jakson |
What’s Next?
🔹 Waaree’s formal agreements with Gujarat/Maharashtra
🔹 Odisha’s counter-strategy to retain investors
🔹 PLI Scheme monitoring for timely capacity creation