Waaree Energies, a leading solar module manufacturer, is keen to expand its footprint in the United States despite an ongoing trade investigation. In an interview with Reuters, Amit Paithankar, CEO of Waaree Energies, said that the United States is a key market for the company and is working towards cooperating with the US authorities.
“We are fully cooperating with the authorities and furnishing all required documentation,” Waaree Energies CEO said.
US Customs investigation on Waaree Energies
US customs officials are investigating whether Waaree Energies sidestepped the country’s tariffs on Chinese-made cells and panels by labelling them as made in India, a charge the company has denied.
Waaree said the probe is in early stages and has not disrupted shipments.
“Internal assessment does point to the fact that it might not be a very large impact on us… We will see how it all evolves,” Paithankar said.
US market opportunities for Waaree Energies
Waaree has 16.1 GW of module-making capacity in India and 2.6 GW in the US, and the company is seeing strong demand in the US, driven by data centres, manufacturing, and transportation.
The company is doubling down on US manufacturing, exploring both organic and inorganic growth opportunities, including potential cell and battery energy storage systems, Paithankar said.
“We will not give up on the U.S. It’s a very, very important market for us,” the CEO added.
Waaree recently acquired a 1 gigawatt module manufacturing line from the Swiss firm Meyer Burger in Arizona and is expanding its Houston, Texas, facility to 3.2 gigawatts from 1.6 gigawatts. The company further plans to add 10 GW each of solar cell and ingot-wafer manufacturing capacity by 2027, building on its existing 5.4 GW cell capacity.
The company’s total order book stands at around Rs 47,000 crore, with 60 per cent of the orders being exports. The US is its largest export market, accounting for over half of the total revenue.
