Solar energy solutions provider Waaree Energies, which will be investing Rs 450 crore to up its module capacity, is eyeing over six-fold increase in its revenues to over Rs 2,000 crore in the next three years as the demand for solar projects leapfrogs.
The proposed Rs 450 crore investment over the next six months will double the company's solar module capacity to 500 mw, a top company official said.
The city-based Waaree group manufactures solar PV modules apart from providing turn-key EPC solutions. Waaree Energies, set up in 2007, had clocked Rs 310 crore revenue in FY13.
"There is a huge growth potential in the solar sector. The national solar mission will provide us huge opportunity as we are one of the larger EPC players," Waaree group chairman and managing director Hitesh Doshi told PTI.
"Considering the large potential, we expect to grow more than six times to almost Rs 2,000 crore in the next three years. We have so far executed over 100 mw of solar EPC contracts and have an order book of around Rs 3,000 crore, which gives us a clear visibility for the coming years," he said.
The company has a 250 mw modules manufacturing facility in Surat and plans to expand it to 500 mw soon. Waaree also exports these modules to the US, Middle East, Australia, Europe and Asia.
"We will be investing around Rs 450 crore over the next six months to increase our capacity to 500 mw. This expansion will be funded through internal accruals," Doshi said.
The company also offers a wide range of products and services such as solar rooftop solutions, solar street and home lighting solutions, solar water pumps and water heating solutions and solar portable kits.
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