Waaree Energies Unveils Rs 850 Crore Green Energy Investments

Waaree Energies Ltd has greenlit investment proposals worth Rs 850 crore to construct facilities for electrolyser and storage cell manufacturing. They will allocate Rs 130 crore for expanding their inverter business and have further planned extensive capital expenditure across subsidiaries, subject to shareholder approval.

Waaree Energies Ltd announced on Monday that its board has sanctioned three major investment proposals totaling Rs 850 crore. These investments aim to establish manufacturing plants for electrolysers and storage cells, signaling a significant expansion in the company's production capabilities.

The board's commitment also encompasses a Rs 130 crore capital expenditure injection into its inverter business via its wholly-owned subsidiary, Waaree Power Private Limited. Further breaking down the investments, a Rs 551 crore expenditure and a Rs 200 crore investment will be directed towards a 300 MW electrolyser manufacturing facility under Waaree Clean Energy Solutions, part of the PLI Scheme.

Additionally, Waaree Energies has outlined plans for a Rs 2,073 crore expenditure and a Rs 650 crore investment for the development of a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant through Waaree Energy Storage Solutions. Complementing these announcements, the appointment of Amit Paithanka as an Additional Director, effective December 2024, awaits shareholder consent.

(With inputs from agencies.)