Waaree Energies Latest News: Announces $1 Billion Investment in Texas Solar Facility, Creating 1,500 Jobs
In a significant move towards bolstering clean energy manufacturing, Mumbai-based Waaree Energies has unveiled plans to invest up to $1 billion in establishing a solar module manufacturing plant in Texas, USA.
The new facility, strategically located in Brookshire, is poised to become one of the largest solar module manufacturing facilities in the country.
Production Scaling:
The initial production capacity is set at 3 gigawatts (GW) annually, with ambitions to scale up to 5 GW by the end of 2027. Waaree’s ambitious investment aims to not only contribute to the renewable energy landscape but also to stimulate the local economy by creating more than 1,500 jobs in the United States when the facility reaches full capacity.
Economic Impact and Collaboration:
Waaree plans to play a pivotal role in enhancing the clean energy manufacturing ecosystem in Texas, a state that has emerged as a leader in sustainable energy initiatives. By 2024, Waaree anticipates the completion and commissioning of the facility, which will supply solar modules to SB Energy, a US-based climate infrastructure and technology platform.
Long-Term Supply Agreements:
SB Energy, boasting over 2 GW of solar power capacity, will enter into a long-term supply agreement with Waaree, strengthening the US solar supply chain and fostering the growth of well-paying manufacturing jobs.
Waaree’s Chairman and Managing Director, Hitesh Doshi, expressed enthusiasm about the collaboration, stating, “In partnership with a company of SB Energy’s mission and stature, Waaree is fostering a solar manufacturing ecosystem in Texas.”
Integration of Solar Cell Facility:
Waaree plans not only to manufacture solar modules but also to integrate a US-made solar cell facility, anticipated to be operational by 2025.
The company’s expansion aligns with its commitment to supporting the growing demand for clean energy in the United States, reducing reliance on overseas sources.
Commitment to Domestic Sourcing:
Sunil Rathi, Board member of Waaree Solar Americas Inc, highlighted the commitment to sourcing major components domestically, supported in part by the Inflation Reduction Act.
“By setting up the new facility in the Houston area, Waaree brings critical technologies that will boost American solar production, reducing reliance on overseas sources while supporting strong US jobs,” Rathi noted.
Conclusion:
Waaree Energies, with over 1 GW of commissioned solar engineering, procurement, and construction (EPC) projects, continues to make strides as an independent power producer.
The company’s presence extends to solar rooftop solutions and solar water pumping, further solidifying its position as a key player in the global renewable energy landscape.
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