Waaree Energies US unit, Waaree Solar Americas, starts trial production; check details

Waaree will invest $1 billion in the site over the next four years, scaling capacity from an initial three gigawatts a year by the end of 2024 to five GW by 2027. The facility is expected to create over 1,500 jobs when at full capacity, the report added.

The company will also add an integrated US-made solar cell facility, slated to open by 2025, it said further.

Shares of the company; however, were trading in the red on Friday, December 20.

Last seen, the stock was trading at ₹2,987.80, down 1.67%.

“Most major components used in the manufacturing of these solar modules will be sourced domestically, enabled in part by the Inflation Reduction Act,” said Sunil Rathi, board member of Waaree Solar Americas.

The company is one of many foreign-owned solar panel manufacturers entering the US market in the wake of the Inflation Reduction Act. The law offers and extends various tax credits for solar panels and components made in the US.

In October, shares of solar panel maker Waaree Energies listed with a premium of nearly 70% against the issue price of ₹1,503.

The stock made its market debut at ₹2,550, reflecting a jump of 69.66% from the issue price on the BSE. It further surged 72.98% to ₹2,600.

On the NSE, the stock listed at ₹2,500, surging 66.33%.

The initial public offering (IPO) of Waaree Energies Ltd garnered 76.34 times subscription on the last day of the share sale, helped by strong participation from institutional buyers.

The ₹4,321.44 crore initial share sale had a price band of ₹1,427 to ₹1,503 per share.

The IPO was a combination of a fresh issue of equity shares aggregating to ₹3,600 crore and an offer-for-sale (OFS) of 48 lakh equity shares worth ₹721.44 crore, at the upper end of the price band, by a promoter and existing shareholders.