Waaree said the INR39 billion capital expenditure for the facility will be financed through a combination of debt and internal accruals. PV Tech reached out to the company for additional details on the project but had not received a response at the time of publication.
In other developments, Waaree has increased its stake in power transformer manufacturer Kotsons from 64.04% to 75.10%. The company has been rebranded as Waaree Transpower Private Limited.
The company acquired the additional equity for approximately INR19 billion. The transaction, expected to close by June 2026, is aimed at supporting capacity expansion and funding the transformer business’s capital expenditure needs, the company said.
Waaree Energies completed its acquisition of Kotsons in September 2025, with the company noting the move would support rising domestic and international demand for power transformers.
The moves are aligned with Waaree’s strategy to consolidate its presence across the solar value chain under its “Waaree 2.0” initiative. The company has been steadily expanding its footprint in the solar sector and has outlined this as the next phase of its growth plan.
Recently, the company broke ground on its 10GW solar ingot and wafer manufacturing plant in Butibori, Nagpur, Maharashtra. With a capacity of 10GW each for solar ingots and wafers, the plant is spread across 300 acres. Waaree invested approximately INR62 billion (US$671 million) in the facility.
Last year, the company commissioned a 5.4GW cell manufacturing facility in Gujarat. According to the firm, it is the largest cell manufacturing facility in India. The Chikli plant was commissioned in two phases, covering passivated emitter rear contact (PERC) and tunnel oxide passivated contact (TOPCon) technology.
Mumbai-headquartered Waaree operates advanced manufacturing facilities with a total solar PV module capacity of 22.3GW globally and solar cell manufacturing capacity of up to 5.4GW.