Waaree Energies, a solar PV module producer, has received orders worth $2.37 billion

Waaree Energies, a domestic solar PV module maker, announced new orders worth USD 2.37 billion from customers in the domestic and international markets on Thursday.

Waaree Energies said in a statement that the orders are for 540Wp (watt peak) and 600Wp high-efficiency bifacial solar panels.

Waaree's manufacturing facility will build these panels using M10 and M12 cells.

"These orders are in line with the Indian government's Atmanirbhar Bharat strategy, and would generate over USD 2 billion in foreign exchange while creating hundreds of jobs. As we diversify our customers and develop into new markets, these orders will help us enhance our market position "Waaree Energies Chairman and Managing Director Hitesh Doshi remarked.

Waaree now has a manufacturing capacity of 4GW and expects to expand to 5GW by December 2022.

By March 2023, the 4GW solar cell manufacturing capacity is projected to be operational.

Waaree Energies, the flagship firm of the Waaree Group, is the country's major solar photovoltaic (PV) manufacturer and rooftop segment leader, with headquarters in Mumbai and manufacturing facilities in Surat, Chikhli, Tumb, and Nandigram.