Waaree Energies Ltd., which is coming out with its initial public offering next week, plans to increase its global footprint into the European Union and the Middle East from the US at present.
The integrated renewable energy manufacturer plans to go beyond the US, where it is setting up a 3-gigawatt solar module manufacturing plant.
"We expect 1.6-GW module capacity to be operational before March 2025," Chief Executive Officer Amit Paithankar told NDTV Profit. "The utility has been sized for 3 GW and depending on the way the market evolves, potentially it can be taken up to 5 GW."
The raw materials for the US plant in the form of cells can be imported from India, according to Paithankar.
The company plans to leverage the global demand through its integrated module manufacturing capacity in India. "We are looking at international geographies as well, especially in the European Union and Middle East, given the kind of global demand for renewable energy. We have already opened an office in Dubai," he said.
Waaree Energies has 13.3 GW of solar module manufacturing capacity in India, and it plans to take it to 21 GW by 2027. The company also expects 5.4 GW of solar cell manufacturing capacity in Chikhli in Gujarat to be commissioned by next March. "We plan to have 11 GW of cell capacity and 6 GW of ingot and wafer capacity by 2027," Paithankar said
An integrated 6 GW solar ingots, wafers, cell and module manufacturing capacity is being set up in Odisha at a capital allocation of Rs 9,000 crore in the next two years.
Close to Rs 2,775 crore from the IPO proceeds will go towards funding the Odisha plant, Chief Financial Officer Sonal Shrivastava said. "The remainder we will fund through internal accruals and have tied up Rs 5,000-crore debt from SBI as lead banker."
The company has around Rs 360 crore of debt on its books with an average cost of borrowing of 10% from Indian Renewable Energy Development Agency Ltd. and 6% for buyer credits. The cash and cash equivalent is Rs 3,600 crore, she added.
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