Image: Where Energies, PV Magazine
The board of Waee Energies has a change in the location of the planned 6 GW Ingot-Solar module Manufacturing Project approved.
The company has protected the project with incentives of INR 19.23 billion ($ 221.6 million) under the second round of production -linked Incentive (PLI) scheme of the Indian government for highly efficient solar modules. It was initially planned for Odisha, as stated in the IPO Prospectus of the company 2024 in October 2024. It had to be partially financed by Netto revenue from the public issue.
The board rejected production back to multiple locations in Gujarat, Maharashtra and other potential states, with reference to delays in project implementation in Odisha. The revised plan includes a 3 GW module facility in Samakhiali, Gujarat; Another 3 GW module facility in Gujarat, Tamil Nadu or other locations; A 6 GW celf facility in Unn, Gujarat; And a 6 GW Ingot and Wafer facility in Nagpur, Maharashtra.
Where Energies said that the relocation aims to accelerate the implementation and to guarantee an effective use of IPO yield. The company added that the total capital edition for the new plan remains unchanged and resulted in a breakdown of the planned capital expenditure.
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