Waaree, a leading Indian manufacturer of solar products, expands in the US despite a trade probe
Waaree Energies is India's top solar module maker and wants to expand in the largest economy of the world despite a trade investigation that's ongoing, said a company official on Friday.
Customs officials in the United States are investigating whether Waaree Energies evaded tariffs by labeling Chinese-made panels and cells as being made in India. The company denies this charge.
Waaree stated that the investigation is still in its early stages and it has not affected shipments.
Amit Paithankar said in an exclusive interview that Waaree Energies is fully cooperating and providing all the required documentation.
He said: "Internal assessments do point out that it may not have a large impact on us... we will see how everything evolves."
Paithankar stated that the company was doubling down on U.S. Manufacturing, exploring both organic growth and inorganic opportunities. This includes potential energy storage systems for cell and batteries.
We will not give up the U.S. "It's an extremely, very important market."
Waaree has 16.1 GW module-making capacity in India, and 2.6 GW modules in the U.S. The demand is strong in the U.S. due to data centres, manufacturing, and transportation.
Exports account for 60% of the company's total orders, which is approximately 470 billion rupees. The U.S. accounts for over half of its total revenue.
Waaree has acquired a 1 Gigawatt Module Manufacturing Line from Swiss firm Meyer Burger, in Arizona. It is also expanding its Houston Texas facility from 1.6 GW to 3.2 GW.
The company intends to increase its solar cell manufacturing capacity from 5.4 GW in 2017 to 10 GW by 2027. $1 = 87.8625 Indian Rupees (Reporting and editing by Sethuraman N.R.; Mrigank Dhaniwala).
(source: Reuters)
