“Waaree Energies Powers Up: First US Solar Plant Begins Commercial Production”
The factory is constructed with floor area and utilities that allow capacity to be expanded up to 3 GW.
Waaree Energies Limited has started commercial production of 1.6 GWh capacity solar panel in India and this is the company’s first US-based solar panel manufacturing plant.
Waree Profit had disclosed on November 26 that the company is planning to start commercial operations from US plant by the end of December or January.
The plant is important for the solar manufacturer as it will help them meet the needs of the large US market, which can get raw materials from its Indian parent, especially when US have anti-damping measures against sugar imports.Earlier on December 19, the company had announced that it had started trial production from US plant.
Earlier on Dec. 19, the company had announced that it had started trial production from the US plant.
America is a major importer of all the plates from India and in last few years, the export of plates has increased to a great extent due to demand from America and European countries.
Waaree Energies is one of the major exporters.Despite 40% customs duty on all plates and 15% on whole sale, the high imports from China and Taiwan help the Indian companies to get higher margins as compared to sales in India.
In the first phase, the target is to start the project with 1.6 Gigawatt capacity and then take it to 3 Gigawatt capacity by 2027. The long term target is to achieve 5 Gigawatt capacity.
The Factory has been built with floor spaces and utilities which can grow to 3 Gigawatt capacity.
Overall, the company is very positive about the US markets and policy development and is planning to integrate backward regions and enter into cell manufacturing in the coming years. It is also keen to integrate its rivers and build a 5-years old cell factory in the US.
The share fell 11.64% to Rs 2,362.25 per share, its lowest level since the day of listing. It pared losses and closed down 9.29% at Rs 2,425.10 per share, while the Nifty 50 index registered a gain of 0.57%. It has gained 3.69% since listing. The relative strength indicator was at 35.33. According to the bloomberg data, an analyst tracking the company has a sell recommendation. The average 12-Months consensus Mooly target suggests a gain of 5.2%.