₹60,000 Cr Order Book: How Is Waaree Energies Planning To Become An Everything Solar Company?

Synopsis: Waaree 2.0 outlines Waaree Energies’ plan to move beyond solar modules into a fully integrated clean energy platform. The strategy spans backward integration, EPC, power electronics, energy storage, renewable power projects and green hydrogen, aiming to capture more value across the solar and energy transition ecosystem over the long term.

India’s solar sector is moving beyond just making panels, as companies look to control more of the clean energy value chain and offer end-to-end solutions. In this shift, scale, integration and execution matter as much as manufacturing capacity.

Against this backdrop, Waaree Energies is reworking its business model under its “Waaree 2.0” strategy, aiming to move from a pure-play solar manufacturer to a company that touches almost every layer of the solar and energy transition ecosystem. So what is Waaree 2.0, and how does this strategy aim to reshape Waaree from a solar manufacturer into an integrated energy player?

Founded in 1990, Waaree Energies Limited is one of India’s leading renewable energy companies, focused on supporting the global shift towards clean energy. Waaree has a strong presence across India and in more than 25 countries, offering a wide range of solar solutions such as panel & cell manufacturing, EPC services, project development and rooftop systems. With a strong focus on sustainability, the company aims to make clean energy affordable and accessible while contributing to a greener future.

Waaree 2.0: From Solar Manufacturer to Integrated Energy Platform

Under its “Waaree 2.0” strategy, Waaree Energies is transforming itself from a solar module manufacturer into a fully integrated energy transition platform. The strategy is aimed at increasing wallet share by offering customers end-to-end solutions across manufacturing, EPC, power electronics, energy storage, renewable power infrastructure and green hydrogen, instead of operating as a single-product company.

This transition builds on Waaree 1.0, where the company is already India’s largest solar module manufacturer with 22.8 GW of installed module capacity and a 5.4 GW cell manufacturing facility. Waaree is now expanding aggressively across adjacent and upstream segments that are witnessing strong structural growth, both in India and globally.

Polysilicon to Modules

As part of its Waaree 2.0 strategy, the company is strengthening its backward integration by securing access to critical raw materials. Waaree Solar Americas Inc. has signed a binding term sheet to invest USD 30 million in United Solar Holding Inc. through Series B preferred shares, along with a long-term polysilicon offtake agreement to support its global, especially U.S.-focused, solar manufacturing operations. The transaction is expected to be completed by the end of January 2026, subject to standard approvals.

This investment will help United Solar complete its advanced polysilicon manufacturing facility at the Sohar Freezone in Oman. The plant is designed to produce 100,000 metric tonnes of polysilicon annually, which is sufficient to support around 40 GW of solar module production each year. Backed by the Oman Investment Authority, United Solar is expected to emerge as one of the world’s largest and most cost-competitive polysilicon producers.

The partnership is strategically important as it helps reduce the solar industry’s heavy dependence on a single country for over 90 percent of global polysilicon supply. United Solar’s operations in Oman provide a reliable and diversified supply source, improving supply chain security for Waaree and strengthening resilience for U.S. and allied solar markets.

EPC, O&M and Technical Services

Waaree is expanding its EPC and O&M capabilities to participate across the full lifecycle of solar projects. The company has already commissioned around 4.6 GW of EPC projects and manages an O&M portfolio of approximately 1.2 GW.

India continues to add large volumes of renewable capacity each year as utilities and corporates increase renewable sourcing. As project sizes scale up and performance-linked contracts become more common, EPC execution quality and long-term O&M capabilities are becoming critical differentiators. This segment also provides Waaree with recurring revenues and deeper customer relationships.

Inverters and Smart Power Electronics

Waaree is entering inverter manufacturing with a planned capacity of 4 GW and a capex outlay of around Rs. 180 crore. Phase I of 3 GW has already been commissioned, while Phase II of 1 GW is planned by FY27. The inverter business is designed to capitalise on Waaree’s strong retail reach and support its “one-stop shop” offering.

The global power inverter market is expected to grow from around USD 47 billion in 2023 to USD 209 billion by 2032. In India, the inverter market is projected to expand from approximately USD 6 billion in 2025 to USD 25 billion by 2035. Rising solar installations, hybrid systems, energy storage integration and grid modernisation are driving demand. India is also increasingly viewed as a reliable alternative to China for US and EU buyers due to geopolitical stability, data localisation requirements and energy security considerations.

Transformers and Grid Equipment

Waaree is scaling up transformer manufacturing to benefit from rising grid infrastructure investments. The company currently operates at 4,000 MVA capacity and plans to add another 16,000 MVA, taking total capacity to 20,000 MVA, with a planned capex of around Rs. 192 crore. The product portfolio is being expanded to include distribution transformers, inverter-duty transformers and extra-high-voltage transformers.

The global transformer market is expected to grow from around USD 65 billion in 2025 to USD 92 billion by 2030, while the Indian transformer market is projected to expand from USD 3 billion to USD 4.5 billion over the same period. In India, the Revamped Distribution Sector Scheme has a total outlay of over Rs. 3 lakh crore.

Around 5.84 lakh distribution transformers have been sanctioned under the scheme, compared with only about 1.45 lakh installed so far, highlighting a large supply gap. Waaree already has an order book of around Rs. 245 crore in this segment, including a large order from a global multinational.

Battery Energy Storage Systems (BESS)

Energy storage is one of the most capital-intensive and high-growth pillars of Waaree 2.0. The company plans to set up a 20 GWh BESS facility by FY28, with Phase I of 3.5 GWh by FY27 and Phase II of 16.5 GWh by FY28. The total capex outlay for this segment is around Rs. 10,000 crore, and Waaree has already raised approximately Rs. 1,000 crore in equity.

Globally, annual BESS additions are expected to rise sharply from around 247 GWh in 2025 to nearly 972 GWh by 2035. BESS requirements are projected to increase from just 0.57 GWh in 2025 to around 236 GWh by 2032. Grid stability, renewable curtailment and mandatory requirements of at least two hours of energy storage in solar PV tenders are driving demand. Waaree’s offering spans LFP cells, battery packs and containerised systems, with plans for deeper backward integration to localise the value chain.

Renewable Power Infrastructure and IPP Platform

Waaree is also building a renewable power infrastructure platform to address IPP-related execution and financing challenges. The company has signed PPAs for 713 MW, equivalent to 1,069 MWp, with creditworthy utilities and global commercial and industrial customers. It has secured grid connectivity for developing around 6.1 GW of projects and committed more than Rs. 2,250 crore towards this vertical.

India’s renewable power sector continues to attract strong interest from domestic and foreign investors, supported by bankable PPAs, improving regulatory frameworks and large M&A and private equity activity. Corporates and utilities are increasingly using IPP-driven PPAs to increase renewable energy in their power mix, creating a strong pipeline of long-term demand.

Electrolysers and Green Hydrogen

Waaree is entering the green hydrogen ecosystem through electrolyser manufacturing, targeting 1 GW of capacity by FY27 with a planned capex of around Rs. 676 crore. The company has secured electrolyser PLI incentives for 300 MW worth Rs. 444 crore and hydrogen production PLI for 90,000 tonnes per annum worth Rs. 510 crore. Waaree has already built an electrolyser order book of approximately Rs. 152 crore in India.

Globally, electrolyser manufacturing capacity is expected to increase nearly five-fold to around 186 GW per year by 2030. In India, the National Green Hydrogen Mission targets green hydrogen production of 5 MMTPA, equivalent to 40-60 GW of electrolyser capacity, supported by expected investments of around Rs. 8 lakh crore. Key demand segments include refineries, fertilisers, chemicals and mobility.

Manufacturing Scale Under Waaree 2.0

Under Waaree 2.0, the company is targeting a significantly expanded manufacturing footprint across energy segments. This includes solar module capacity of around 28 GW, cell capacity of approximately 15 GW, a 10 GW ingots and wafers facility, a 20 GWh BESS plant, a 4 GW inverter facility, a 20,000 MVA transformer plant, a 1 GW electrolyser facility, along with smart meters and other synergistic businesses.

The company has a strong order book of around Rs. 60,000 crores and a healthy pipeline of more than 100 gigawatts, which provides good visibility for the coming quarters. This is the highest order book it has ever achieved, and work is progressing as planned across all areas, including modules, cells, ingots and wafers, inverters, battery energy storage systems, and green hydrogen electrolysers. Based on this progress, the company expects to comfortably exceed its EBITDA guidance of Rs. 5,500 to Rs. 6,000 crores for FY2026.

Waaree 2.0 represents a bold evolution of Waaree Energies from a solar module manufacturer into a fully integrated clean energy company. By expanding across polysilicon production, EPC and O&M services, inverters, transformers, energy storage, renewable power projects, and green hydrogen, Waaree is positioning itself to capture value across the entire energy transition ecosystem. With large-scale manufacturing, strategic partnerships, and a focus on recurring revenue streams, the company aims to become a one-stop energy solutions provider, resilient to market fluctuations and aligned with India’s and the world’s clean energy ambitions.

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