In a setback to Odisha's industrial aspirations, Waaree Energies, India's largest solar module manufacturer, has decided to shelve its plans for an integrated solar manufacturing facility in the state. The ambitious project, initially slated for Dhenkanal district, was to encompass the full solar value chain, including the production of ingots, wafers, cells, and modules under one roof.
Image source: Waaree Energies
In a regulatory filing on Thursday, June 19, Waaree stated that its original project location, outlined in the prospectus dated October 23, 2024, would be changed as approved by the board. Now, it is awaiting the approval of shareholders.
"The company is experiencing delays in the execution of the project at the location specified in the Prospectus," said Waaree in a statement. "In order to utilise the IPO proceeds and expedite the project, the Board has approved the change in location."
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As per the report, Waaree has started looking for alternative locations with abundant renewable energy. Gujarat and Tamil Nadu are on the list, while Waaree may also opt for multiple locations for the proposed 6 GW manufacturing capacity.
In fact, the revised plans are as follows:
According to Waaree, its revised location arrangement would enable it to optimise costs and accelerate project commissioning. Waaree had previously commissioned a solar cell plant in Chikhli, Gujarat, during the last financial year as part of its backward integration efforts.
However, Waaree's exit from Odisha has sparked renewed scrutiny within the renewable energy sector, prompting industry players to question the state's suitability to host large-scale solar manufacturing projects. Although Waaree has nowhere explicitly named Odisha in the revised plan, its regulatory disclosures effectively confirm the exit from the state.
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