US Investigation Won’t Deter Waaree Energies’ Investment Plans in India and the US
Waaree Energies, one of the largest vertically integrated companies in the manufacturing of solar modules, has announced that the ongoing US investigation into potential solar tariff evasion will not impact its investment plans.
Background of the Investigation
The US customs officials launched an investigation into whether Waaree bypassed tariffs on Chinese-made solar cells and panels by falsely labelling them as manufactured in India. This investigation has raised concerns among investors and stakeholders about the potential impact on Waaree’s investment plans.
Waaree Energies’ Response to the Investigation
However, Waaree Energies has clarified that the investigation has no impact on its investment plans. The company has stated that the Texas plant expansion from 1.6 GW to 3.2 GW is already underway, and it will continue to operate with integrity and comply with all applicable local laws and regulations.
Expansion Plans in the US
Waaree Energies has commenced operations at its US solar module manufacturing plant in Houston, Texas, with an initial installed capacity of 1.6 GW. The company plans to scale up the Texas facility to 3.2 GW by FY27, demonstrating its commitment to the US market.
Acquisition of Meyer Burger Assets
Waaree Energies’ recent acquisition of US-based Meyer Burger assets further strengthens its long-term manufacturing footprint in the country. This acquisition is expected to enhance Waaree’s capabilities in the US market and support its goal of becoming a holistic clean-energy transition company serving US customers end-to-end.
Commitment to the US Market
Waaree Energies has reaffirmed its strong commitment to the US market, both as a clean energy partner and as a growing localized manufacturer. The company will continue to invest in local jobs, technology, and capacity, ensuring business continuity and minimizing reliance on imports.
Solar Cell Manufacturing in the US
Waaree Energies is exploring opportunities for solar cell manufacturing in the US, in line with policy incentives and market demand. The company has already built significant solar cell manufacturing capability in India and is evaluating options for similar investments in the US.
Insulation from Geopolitical Shocks
Waaree Energies’ diversified global supply chain and domestic US production provide natural insulation from geopolitical or policy shocks, ensuring business continuity. The company maintains a diversified supply chain across multiple countries to avoid any single-source dependence and complies with US trade regulations, including AD/CVD rules and rules of origin.
Conclusion
In conclusion, Waaree Energies’ investment plans, including the expansion of its Texas facility and exploration of setting up a solar cell manufacturing capability in the US, remain unaffected by the ongoing US investigation. The company’s commitment to the US market, its acquisition of Meyer Burger assets, and its plans for solar cell manufacturing in the US demonstrate its confidence in the growth potential of the US solar market.
As the demand for solar energy continues to grow in the US, Waaree Energies is well-positioned to capitalize on this trend and establish itself as a leading player in the US solar market. Indian investors and traders can expect Waaree Energies to continue its growth trajectory, driven by its strong commitment to the US market and its focus on becoming a holistic clean-energy transition company.
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