Waaree Energies is looking to expand its solar module exports to Europe, West Asia, Australia and New Zealand as it seeks to diversify its overseas markets and tap growing demand for alternative supply chains.
“West Asia, Europe, Australia and New Zealand are the immediate export markets we are looking at, and discussions are on with several customers for exports,” Abhishek Pareek, Chief Financial Officer of Waaree Energies, said.
The company estimates that these markets collectively represent an annual opportunity of around 100 GW. Europe accounts for approximately 50–60 GW, West Asia for 15–20 GW and Australia for 5–10 GW of the potential demand.
According to Pareek, these markets do not impose specific barriers on supplies from Indian manufacturers. However, customers are increasingly considering China-plus-one strategies and alternative sourcing options amid rising energy costs and evolving global supply-chain dynamics.
The export diversification strategy comes after Waaree Energies removed nearly 3 GW of export orders from its order book in Q2 FY27, citing concerns over changes in US trade regulations that could affect the execution of certain contracts from India. The company’s overseas revenue also declined by around 52%.
To address regulatory uncertainties in the US market, Waaree has been shifting part of its manufacturing capacity to the country. Its US manufacturing facility, which commenced operations last year, currently has a capacity of 1.6 GW. The company plans to expand this to 4.83 GW by the end of the current financial year.
Pareek said that even at 75% capacity utilisation, the expanded US facility would be capable of servicing the company’s US order book of 10–11 GW over a three-year period.
Waaree’s move towards new export destinations reflects a broader trend among Indian solar manufacturers seeking to reduce dependence on individual markets. Industry peers, including Tata Power and Avaada Electro, are also exploring opportunities in Europe and West Asia.
Beyond solar module manufacturing, Waaree is also pursuing opportunities in adjacent sectors. Following its acquisition of Waaree Green Data Centers from group company Waaree Renewable Technologies, the company plans to provide engineering, procurement and construction (EPC) services to data centres, alongside renewable power supplies.
Additionally, through one of its subsidiaries, Waaree plans to supply chemicals and gases required for semiconductor manufacturing, signalling its ambition to expand its presence across the renewable energy and emerging technology value chains.