Waaree Plans Rs 80 Billion Solar Plant and Seek 500 Acre in Nagpur

07 Jan 2025 CW Team

WEL representatives recently visited the Additional Butibori industrial estate of Maharashtra Industrial Development Corporation (MIDC) to evaluate potential sites. Although the company has yet to submit a final proposal, sources familiar with the development indicated that the state government remains optimistic about securing this major investment.

With WEL’s potential entry, the total projected investments in renewable energy equipment manufacturing in Nagpur are estimated to reach Rs 410 billion. This includes on-going projects from Avaada Group and JSW Group, positioning Nagpur as a key destination for solar cell and panel manufacturing. Avaada Group has already begun constructing its plant at the Additional Butibori estate, with operations expected to start by March. The company is investing Rs 136.50 billion in a wafer-to-module manufacturing facility, which will have an initial capacity of 6GW for solar cells and 5GW for modules.

JSW Group has also shown interest in acquiring approximately 550 acre of land in Nagpur for a lithium-ion battery manufacturing unit, with an initial investment of Rs 120 billion. Additionally, another Mumbai-based company is reportedly considering investing Rs 80 billion in the region, according to sources.

The surge in interest from renewable energy companies is partly attributed to expectations surrounding the potential return of US President Donald Trump to power. It is anticipated that his administration would reduce the US’s dependence on China for renewable energy products, creating opportunities for Indian manufacturers to expand their presence in the American market. Several Indian companies in the renewable energy sector are already exporting to the US, where Indian-made solar panels have gained a competitive edge, sources in the industry revealed.

The anticipated investments are expected to provide a significant boost to the local economy, especially benefiting Micro, Small, and Medium Enterprises (MSMEs). Julfesh Shah, Chairman of the Chamber of Small Industries Association (COSIA), remarked that Nagpur is emerging as a preferred destination for solar panel and module manufacturers, which is likely to attract ancillary industries and support the growth of the MSME sector.

Waaree Energies (WEL), the largest solar PV module manufacturer in India, is exploring the possibility of acquiring 500 acres of land in Nagpur for a proposed Rs 80 billion investment in a solar cell and panel manufacturing facility. If the proposal is finalised, it would further strengthen the city’s position as a growing hub for renewable energy equipment manufacturing. WEL representatives recently visited the Additional Butibori industrial estate of Maharashtra Industrial Development Corporation (MIDC) to evaluate potential sites. Although the company has yet to submit a final proposal, sources familiar with the development indicated that the state government remains optimistic about securing this major investment. With WEL’s potential entry, the total projected investments in renewable energy equipment manufacturing in Nagpur are estimated to reach Rs 410 billion. This includes on-going projects from Avaada Group and JSW Group, positioning Nagpur as a key destination for solar cell and panel manufacturing. Avaada Group has already begun constructing its plant at the Additional Butibori estate, with operations expected to start by March. The company is investing Rs 136.50 billion in a wafer-to-module manufacturing facility, which will have an initial capacity of 6GW for solar cells and 5GW for modules. JSW Group has also shown interest in acquiring approximately 550 acre of land in Nagpur for a lithium-ion battery manufacturing unit, with an initial investment of Rs 120 billion. Additionally, another Mumbai-based company is reportedly considering investing Rs 80 billion in the region, according to sources. The surge in interest from renewable energy companies is partly attributed to expectations surrounding the potential return of US President Donald Trump to power. It is anticipated that his administration would reduce the US’s dependence on China for renewable energy products, creating opportunities for Indian manufacturers to expand their presence in the American market. Several Indian companies in the renewable energy sector are already exporting to the US, where Indian-made solar panels have gained a competitive edge, sources in the industry revealed. The anticipated investments are expected to provide a significant boost to the local economy, especially benefiting Micro, Small, and Medium Enterprises (MSMEs). Julfesh Shah, Chairman of the Chamber of Small Industries Association (COSIA), remarked that Nagpur is emerging as a preferred destination for solar panel and module manufacturers, which is likely to attract ancillary industries and support the growth of the MSME sector.

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