Mumbai: Waaree Energies Ltd has announced a relocation of its much‑anticipated 6 GW integrated solar manufacturing facility, shifting the project away from its originally planned site in Dhenkanal, Odisha. The board approved the strategic move in a meeting held on June 20, according to a regulatory filing to the BSE and NSE, citing execution delays at the Odisha location.
Under the new plan, Waaree will redistribute the 6 GW capacity across multiple sites. The company will establish a 3 GW solar module plant at Samakhiali, Gujarat, while the remaining 3 GW module capacity is slated for development at another site in Gujarat or Tamil Nadu, or an as‑yet undisclosed location. In addition, a 6 GW solar cell manufacturing facility will be set up in Unn, Gujarat, and a 6 GW wafer and ingot plant will be constructed in Nagpur, Maharashtra. Despite this dispersion, the total project cost remains essentially unchanged at Rs 90,495.87 million, just slightly lower than the Rs 90,499.59 million cited in Waaree’s IPO prospectus.
3 GW module facility at Samakhiali, Gujarat
3 GW module facility at either Gujarat, Tamil Nadu, or another location
6 GW solar cell facility at Unn, Gujarat
6 GW ingot and wafer facility at Nagpur, Maharashtra
Although the investment size remains intact, the reshuffle has led to a substantial rise in land acquisition costs (from Rs 1,385.8 million to Rs 4,618 million) and freight expenses, which the company attributes to the new site locations. Conversely, allocations to machinery and IT have been trimmed in the revised plan.
As this represents a material change from the terms disclosed in the IPO, Waaree has stated that the board resolution is subject to shareholder approval via a special postal ballot. The firm has confirmed compliance with Sections 13(8) and 27 of the Companies Act, 2013, and the relevant SEBI regulations.
