Recently, Indian solar PV manufacturer WaareeEnergies has received approval from the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO) to raise INR 30 billion ($361 million).
According to local media reports, the company received final regulatory approval for the proposed issue on 20 September 2024 to raise funds by selling up to 3,200,000 shares at a price of INR 10 per share.
WaareeEnergies, which currently has an annual solar module manufacturing capacity of 12GW, also announced plans to build a 5GW module plant in Houston, USA.
India's first high power HJT module
It is understood that Waaree is India's head photovoltaic enterprise, and is the first Indian company to launch large ground power plant heterojunction module.
As early as 2022, Waaree ordered heterojunction production equipment from Jinchen Corp , and then there has been no new progress of heterojunction products. At the recent REIIndia2024, Waaree showed for the first time the new N-type heterojunction double-sided double-glazed photovoltaic module for large-scale solar projects.
The power of the module is 730W, power conversion efficiency of 23.5%, and double-sided coefficient of more than 85%, the annual attenuation rate of 0.3%, Waaree for the module to provide 12 years of product warranty and 30 years of performance warranty, the product is also India's first large-scale ground-based projects for the heterojunction module products.
Reliance Industries Accelerates Development of HJT Components
It is understood that India's PV production capacity is mainly low-priced, low-quality products, and the number of high-power HJT module companies is scarce. In addition to Waaree, India's other planning HJT module production enterprises for Reliance Industries. The company signed an equipment order to Maxwell, a leading heterojunction equipment manufacturer in China, in 2022, aiming at the development of heterojunction module production, although it has not disclosed any new progress.
However, Reliance Industries subsidiary REC started HJT module production early on, targeting mainly the household market, and during Intersolar 2022, REC exhibited HJT modules for the household market. In addition, REC had planned to build a 4GW heterojunction module plant in France, but announced at the end of 2022 that it had cancelled the plan.
After acquiring REC, Reliance Industries started targeting the development of heterojunction module products for large-scale projects through REC's proprietary technology. In September, Mukesh D. Amban, Chairman and Managing Director of Reliance Industries, told the media that the company has fully integrated and localised REC's HJT technology, and has been able to develop first-generation bifacial HJT modules with efficiencies of more than 26%. It is also planning to commercialise both perovskite and HJT with IBC technology in the next two years.
Source : https://mp.weixin.qq.com/s/DD5iviuU0OlOOm3CMPjXKg