Waaree ups US capacity with 1GW buy amid controversies

Company investigated for allegedly evading anti-dumping duties and violating patents

- Nehal Chaliawala

The US accounts for over half of Waaree's ₹49,000 crore order book.

(Bloomberg)

Waaree Energies Ltd’s acquisition of a solar module assembly unit in a fire sale in the US could help it shore up its manufacturing capacity in that country and diversify its technology base even as it faces an investigation for allegedly evading anti-dumping duties, as well as allegations of violating patents.

Waaree Solar Americas Inc., a subsidiary of Waaree Energies, received approval last week to acquire a portion ofthe US assets of bankrupt Swiss firm Meyer Burger for $18.5 million (about ₹164 crore). These include an assembly line to manufacture 1GW ofsolar modules a year using heterojunction technology (HJT). The Swiss firm confirmed the transaction last Wednesday.

The acquisition was a bargain, especially when compared to the $80-85 million Waaree Solar Americas spent to set up its 1.6GW facility in Texas. The capacity acquired from Meyer Burger will help the company hedge its technology bet in the US, where it faces allegations of patent infringement by leading American solar cell maker First Solar.

The US accounts for more than half of Waaree’s ₹49,000 crore order book as of 30 June, as per a company presentation. The company is working on doubling its manufacturing capacity in Texas to 3.2GW by the end of this financial year.