Waaree Energies to set electrolyzer manufacturing plant
Solar PV module manufacturer Waaree Energies Ltd's board has given its approval to set up a 300 MW electrolyzer manufacturing plant. The firm approved Rs 551 crore and an investment of Rs 200 crore for the project. The project would be developed through the firm's wholly owned subsidiary Waaree Clean Energy Solutions and would be built under the production-linked incentive (PLI) tender issued by the Ministry of New and Renewable Energy (MNRE) through Solar Energy Corp. of India (SECI).
Further, the firm approved capital expenditure amounting to INR 2,073 crore and an investment of INR 650 crore in setting up a 3.5 GWh Lithium ion advanced chemistry storage cell manufacturing plant. The expenditure for electrolyzer and battery cell units will be funded by a mix of debt and internal accruals.
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