Waaree Energies Ltd. Approves Change in Project Location for 6 GW Capacity Ingot-Wafers, Solar Cells and Module Manufacturing Facility
Waaree Energies Ltd. announced the outcome of their Board Meeting held on June 20, 2025. The Board approved a change in the location of the project mentioned in the Prospectus dated October 23, 2024, subject to shareholder approval through a postal ballot. The company is facing delays in the execution of the project at the specified location and aims to utilize IPO proceeds and expedite the project by changing the location. The new project will consist of 3 GW Modules at Samakhiali, Gujarat, 3 GW Modules at Gujarat/Tamil Nadu/any other location, 6 GW Cells at Unn, Gujarat, and 6 GW Ingots and Wafers at Nagpur, Maharashtra. The total amount being deployed in the new project remains the same as mentioned in the Prospectus. The capex details for the new project are provided in the text.
Key Highlights
- Waaree Energies Ltd. approves a change in project location for the 6 GW Capacity Ingot-Wafers, Solar Cells, and Module manufacturing facility
- The change in location aims to utilize IPO proceeds and expedite the project
- The new project will consist of 3 GW Modules at Samakhiali, Gujarat, 3 GW Modules at Gujarat/Tamil Nadu/any other location, 6 GW Cells at Unn, Gujarat, and 6 GW Ingots and Wafers at Nagpur, Maharashtra
- The total amount being deployed in the new project remains the same as mentioned in the Prospectus
- The decision is in pursuant to Sections 13(8) and 27 of the Companies Act, 2013, and other applicable rules and regulations