Indian manufacturers invest in building photovoltaic module factories in the United States

Waaree Energies, the largest solar photovoltaic module manufacturer in India, announced that it will establish its first US manufacturing base in the Houston area of Texas, USA. The factory is located in Brook County and will have initial capacity to produce 3 gigawatts of solar panels annually by the end of 2024. Waree plans to invest up to $1 billion in the next four years and expand its component manufacturing annual production to 5 gigawatts by 2027.

Sunil Rathi, a board member of Waaree Solar Americas, said, "Most of the major components used in the manufacturing of these solar modules will be procured domestically in the United States, thanks to the Inflation Reduction Act. By establishing new factories, Indian manufacturers have brought key technologies that will promote solar production in the United States, reduce dependence on overseas energy, and support strong employment opportunities in the United States."

According to Waaree's forecast, the company's new business is expected to create over 1500 job opportunities in the United States when operating at full capacity. Although this will be its first production plant in the United States, it has previously supplied over 4 gigawatts of components to American customers from its current Indian factory.

Waaree stated that its capacity expansion in the United States has benefited from a long-term supply agreement with SB Energy. SB Energy is a climate infrastructure and technology platform that operates over 2 gigawatts of solar power generation, with a total of over 1 gigawatt of solar power generation under construction. Additionally, over 15 gigawatts of solar energy and energy storage are being developed nationwide. Waaree will supply several gigawatts of photovoltaic modules to SB Energy through a new factory in Texas over the next five years.