TV
Waaree Energies Limited, one of India's leading solar energy companies, has explained the rationale behind a major strategic shift in its ambitious Rs 25,000 crore solar manufacturing project in Odisha, citing power availability issues as the key concern.
In a letter addressed to Odisha Industries Secretary Hemant Sharma, the company CEO Amit Paithankar stated that difficulties in securing adequate power for the project’s timely execution forced the firm to rethink certain components of its 6GW integrated solar manufacturing facility originally planned for the state.
‘In Larger Interest Of Stakeholders’
Highlighting the urgency of uninterrupted power supply, Paithankar noted, “Any delay in securing power would have caused irreparable difficulties for all stakeholders involved.”
He added that the company’s Board of Directors, in a meeting held on June 20, 2025, resolved to undertake a ‘strategic realignment’ of the project across multiple geographies in order to accelerate momentum, optimise resources, and meet IPO commitments.
This clarification comes amid speculation triggered by Waaree’s recent announcement of new solar facilities in Gujarat, Maharashtra, and Tamil Nadu, which appeared to signal a shift away from Odisha.
‘Odisha Commitment Stands’
Despite the restructuring, Waaree's CEO reaffirmed the company’s strong commitment to Odisha.
“Odisha remains central to our long-term business strategy. We are grateful for the proactive support of the state government and continue to explore avenues for collaboration to achieve national renewable energy targets,” Paithankar wrote.
New Plans Across States
In its regulatory filing to BSE and NSE last Friday, Waaree revealed it would now:
- Set up a 3 GW solar module plant at Samakhiali in Gujarat
- Develop the remaining 3 GW module capacity at another site—either in Gujarat, Tamil Nadu, or an undisclosed location
- Establish a 6 GW solar cell manufacturing unit at Unn, Gujarat
- Build a 6 GW wafer and ingot plant in Nagpur, Maharashtra
The company pointed to delays in execution at the Odisha site as a major reason behind this geographical diversification.
Background: Odisha’s Solar Mega Project
Waaree’s Odisha project, cleared by the High-Level Clearance Authority (HLCA) in April 2023, was envisioned as a mega solar hub to be built over 595 acres in Dhenkanal. The project promised to generate 6GW of clean energy, create 14,000 jobs over five years, and commence production by 2027.
The groundbreaking ceremony was held on December 15, 2024, in the presence of Odisha Science & Technology Minister Krushna Chandra Patra.
Waaree Energies, known for its leadership in PV module manufacturing, plays a pivotal role in India’s clean energy transition. While the realignment indicates a shift in logistics, the company maintains that Odisha will continue to be a strategic location in its solar blueprint.
