- Waaree Energies will acquire solar cell maker Indosolar after getting a clearance from NCLT
- It will enable the company to expand its solar cell manufacturing capacity from 4 GW planned now to 5.4 GW
- Manufacturing at Indosolar fab will start within next 6 months after assessments of existing infrastructure are over, it added
Indian solar module maker Waaree Energies is all set to acquire a local manufacturer of solar cells, Indosolar after getting a clearance from the country’s National Company Law Tribunal (NCLT), Delhi Bench, reported local media referring to a company statement.
Indosolar was till now under Corporate Insolvency Resolution Process. As per its website, Indosolar is India’s largest solar cell manufacturer with an annual solar cell and module production capacity of 500 MW that it rolls out on German production lines.
Waaree said the acquisition will enable it to expand its solar cell manufacturing capacity from currently planned 4 GW to 5.4 GW and also complement its planned expansion in solar module manufacturing. It plans to start manufacturing operations at Indosolar plant within 6 months after assessing the existing infrastructure to ensure latest generation of high efficiency solar cells will be available to the company at its manufacturing plants in Gujarat.
A publicly listed company now, Waaree Energies aims to venture into solar cell production starting with 2 GW annual capacity along with adding 1 GW annual solar module facility in Gujarat. It already operates 2 GW module capacity. In the future, it plans to increase its cell capacity to 4 GW (see India PV News Snippets).
Recently, Waaree Energies also placed a multi-year order for 1 GW per year silicon solar cell capacity with CubicPV (see Waaree Energies’ Multi-Year Cell Procurement Deal).