Waaree Energies, an Indian energy solutions provider, is planning to build a new solar PV module manufacturing facility in the US state of Texas.
The facility will be located in Brookshire and projected to have an initial capacity of 3GW per year.
The facility is slated to begin operations by the end of 2024.
Waaree anticipates that the new facility will contribute significantly to renewable energy sector in the US and create more than 1,500 jobs.
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By GlobalDataThe company expects to invest up to $1bn on the new facility over the next four years, bringing the facility’s production capacity to about 5GW annually by 2027.
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Furthermore, the company plans to incorporate an integrated solar cell facility in the country which is scheduled to begin operations by 2025.
Waaree stated that its expansion is supported by an agreement with SB Energy, a renewables company backed by SoftBank and Ares Climate Infrastructure.
It has entered into a multi-year contract to supply several gigawatts of solar modules to SB Energy over the next five years.
The agreement will also strengthen its presence in the US, where it has supplied more than 4GW of modules from its Indian facility to customers in the US.
Waaree chairman and managing director Hitesh Doshi said: “We are proud of this significant commitment by Waaree to US domestic solar manufacturing.
“In partnership with a company of SB Energy’s mission and stature, Waaree is fostering a solar manufacturing ecosystem in Texas, a state that has taken a leading position in clean energy manufacturing.”
Waaree has also filed a draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI), a market regulator in the country, for an IPO to raise Rs30bn ($361m), The Economic Times reported.
Proceeds from the IPO will be used by the company to partly finance a 6GW ingot wafer, solar cell and module manufacturing facility in the Indian state of Odisha.
