Waaree Energies Limited has approved plans to establish a 300 MW electrolyser manufacturing facility and a 3.5 GWh lithium-ion Advanced Chemistry Storage Cell production plant.
The electrolyser manufacturing project will be implemented under Waaree Clean Energy Solutions, a subsidiary of Waaree Energies, with a capital expenditure (CAPEX) of Rs 5.51 billion and an investment of Rs 2 billion.
The project will be developed under the Production-Linked Incentive (PLI) scheme by the Ministry of New and Renewable Energy, with funding from debt and internal accruals.
The lithium-ion plant will be set up by Waaree Energy Storage Solutions, another subsidiary, with a CAPEX of Rs 20.73 billion and an investment of Rs 6.5 billion, both funded through debt and internal accruals.
Waaree Energies also plans to invest Rs 1.3 billion in its inverter business through Waaree Power, with up to Rs 400 million contributed by Waaree Energies.