Waaree Energies, a leading Indian solar panel manufacturer, is reinforcing its commitment to the United States market by expanding its manufacturing capacity, even as it navigates a potential anti-dumping investigation. The company asserts confidence in its export capabilities and is actively increasing its U.S. production footprint to mitigate any potential impacts from trade scrutiny.
The U.S. Commerce Department has initiated a review following a petition alleging that Waaree Energies, along with other firms from India, Indonesia, and Laos, is selling solar panels at unfairly low prices. Waaree denies these allegations and is strategically bolstering its U.S. manufacturing capacity. This proactive measure underscores the company's dedication to serving the American market. Recent data indicates a significant surge in domestic solar module manufacturing capacity, quadrupling to over 31 gigawatts since the passage of the Inflation Reduction Act. This growth is attributed to increased private investment and federal policies aimed at enhancing energy security and job creation. As of Q3 2024, the U.S. added approximately 9.3 gigawatts of new solar module manufacturing capacity, bringing the national total to nearly 40 gigawatts, which includes the resumption of solar cell manufacturing in the U.S. for the first time since 2019.
Waaree Energies has secured substantial orders in the U.S., totaling 2.23 gigawatts in the last quarter, and maintains a robust order pipeline of 100 gigawatts, with a significant portion allocated to the U.S. market. To further solidify its presence, Waaree plans to establish an additional 1.6 gigawatt solar module manufacturing unit in Texas. This expansion is part of a broader strategy to double its U.S. manufacturing capacity to 3.2 gigawatts by the end of 2025. CEO Amit Paithankar has expressed confidence in the company's ability to navigate the evolving trade landscape and maintain its growth trajectory. The anti-dumping and anti-subsidy investigations are expected to continue into spring and are part of a broader trend of trade scrutiny in the solar sector. Despite these regulatory considerations, Waaree Energies remains optimistic about the U.S. market's potential, driven by increasing demand for solar energy, the growth of data centers, and the electrification of transportation.