Waaree Energies Clarifies Partial Relocation Of 6 GW Solar Project

A day after announcing plans to relocate its 6-gigawatt solar manufacturing project from Odisha due to execution delays, Waaree Energies Ltd. clarified it is not fully moving out of the state. On Friday, the company had said the project would be executed at one or more alternative locations, including Gujarat, Tamil Nadu, Maharashtra, or elsewhere.

“We have undertaken a strategic realignment of certain components of our planned 6 GW integrated solar manufacturing capacity across multiple geographies,” said Chief Executive Officer Amit Paithankar in a statement on Saturday. He added that contracts for the Dhenkanal facility in Odisha have already been awarded and are progressing as planned.

Waaree Energies had earlier disclosed in its draft red herring prospectus filed with the Securities and Exchange Board of India that a portion of the IPO proceeds would be used to fund the Odisha facility.