BHUBANESWAR: Amid speculations over Waaree Energies Limited pulling out of its Dhenkanal solar project, the company on Saturday announced that it has no such plan.
In a statement, the CEO of the company Amit Paithankar said in light of the board resolution passed on Friday, Waaree Energies Ltd has undertaken a strategic realignment of certain components of its planned 6 GW integrated solar manufacturing capacity across multiple geographies. This decision is aimed at accelerating project momentum, optimising resource utilisation and ensuring timely execution in line with the IPO objectives.
“We want to emphasise that we are not moving away from Odisha. Construction activities are actively ongoing and contracts for the facility have been duly awarded and are being executed as planned. Our commitment to Odisha remains strong,” the statement said.
Odisha, he said, continues to hold a significant and strategic place in the long-term business roadmap of the company. It is actively exploring meaningful avenues for collaboration that advance both the state and national renewable energy goals. “Odisha will be an important and integral part of our future plans,” he added.
The company’s recent announcement of new solar manufacturing facilities in Gujarat, Maharashtra and Tamil Nadu had fuelled speculation that it may be reconsidering its Rs 25,000 crore investment in Odisha.
Waaree had laid the foundation stone for its massive solar equipment manufacturing facility in Dhenkanal district in December last year. Spread over 595 acre, the facility was planned to commence production by 2027, with the capacity to generate 6 GW of solar energy. It also proposed to manufacture ingots, wafers, solar cells, modules and related components, while generating 14,000 jobs over 10 years.
However, in a regulatory filing with BSE and NSE on Friday, the company cited delays in executing the project at the specified location.
“We will now establish a 3 GW solar module plant at Samakhiali in Gujarat and develop the remaining 3 GW capacity at another site in Gujarat, Tamil Nadu, or an undisclosed location. Besides, a 6 GW solar cell manufacturing facility at Unn in Gujarat and a 6 GW wafer and ingot plant at Nagpur in Maharashtra will also be set up,” the company had stated.
Additional chief secretary of Industries department Hemant Sharma said there are no issues with the state government for the project’s execution delays. “The company has been handed over land and construction activities have already commenced. There was a confusion and the company has cleared it,” he told TNIE.