Could you provide an overview of Waaree’s role and impact in the solar PV module supply sector, highlighting the company’s unique value proposition and market presence?
Waaree Energies Ltd. is one of the world’s leading vertically integrated new energy companies, and the leading player in the solar PV module supply sector in terms of market share. We are the global frontrunner in driving the energy transition through fully integrated new energy solutions. With India’s module solar photovoltaic (PV) module manufacturing capacity is expected to reach 110 gigawatts (GW) by 2026, the country is expected to attain self-sufficiency and able to target the export market aggressively.
Waaree has the largest solar panel manufacturing capacity outside of China, which currently stands at 12 GW. We have presence in around 20 countries across the globe, having supplied 6+ GW of solar modules and commissioned 1+ GW of solar EPC projects.
A notable milestone for Waaree Energies Ltd was the signing of the first utility contract in India. Utility contracts demand the highest quality standards, as they involve risks with high-potential electricity, which necessitates in-line inspections right down to the level of raw materials used in manufacturing. Our ability to deliver on these expectations is a testament to our robust product quality and leadership in the sector.
How does Waaree differentiate itself from other solar PV module suppliers in terms of product quality, innovation, and customer satisfaction?
Ensuring high standards of product quality is one of our key differentiators at Waaree Energies Ltd. Rigorous testing of our products at our NABL-accredited laboratory, as well as progressive improvements, enables us to deliver on this expectation of quality assurance, and build credibility among our customers.
We are the sole Indian PV module manufacturer to have continuously maintained our status as a ‘Tier 1 Solar Module Manufacturer’, as per the Bloomberg New Energy Finance (BNEF) report, every quarter for 35 quarters. This resounding endorsement of our product’s reliability and trustworthiness has enabled us to successfully penetrate global markets. Achieving ‘Tier 1’ status quarter-on-quarter is only possible by ensuring the best quality and highest efficiency levels for modules, as well as consistently delivering customer satisfaction. Our unyielding quality focus is reflected in the higher price points that our products command in the market compared to competitors.
Additionally, at Waaree Energies Ltd., our commitment to customer satisfaction goes hand-in-hand with our dedication to product quality and innovation. We understand that providing top-class customer service is an integral part of our differentiation strategy. Our approach to excellence extends beyond the manufacturing process; it encompasses every interaction with our valued customers.
We believe that a satisfied customer is the ultimate testament to our success, and we continuously strive to exceed their expectations. It is this unwavering commitment to customer satisfaction that has earned us a strong and loyal customer base, reinforcing our position as a leader in the solar PV module industry.
How does Waaree align its sales strategy with the broader goals of promoting clean energy and reducing carbon emissions?
By 2030, India is targeting about 500 GW of renewable energy deployment, out of which ~280 GW is expected from solar PV. This calls for 30 GW of solar capacity every year until 2030. Our primary objectives, aligned with our sales strategy, is to actively contribute to India’s clean energy goals and the reduction of carbon emissions and work towards this goal.
One of our key goals, with regard to our sales strategy, is to build closer relationships with our end customers, so that we can be swifter, and more effective when it comes to fulfilling their urgent requirements.
Waaree has always adopted customer customer-first approach in all its engagements which has enabled it to serve the clients actively to suffice its needs in this VUCA market.
Waaree Experts is another key initiative we’ve taken to elevate the customer experience. It aims to enhance and streamline project execution through delivering operational and maintenance support, as well as module cleaning and site survey services.
These measures serve to add value to our business as well as to the end customer, while also providing a strong impetus to the larger cause of driving solar energy adoption.
How does Waaree envision its role in supporting the nation’s transition to a cleaner energy future through solar PV module supplies?
Research & Development is central to the nation’s vision for solar manufacturing. At Waaree, we work towards supporting this endeavour through our own robust R&D efforts. To this end, we have added a range of innovative Next-Generation solar technology products to our repertoire including N-Type TOPCon, Bi-facial Solar Panels, HJT Solar Panels, and high-power solar modules scaling up to 650 Wp.
Our vision extends beyond mere growth, to democratizing access to solar energy even in the remotest corners of the nation. In line with this, we’ve introduced Waaree Prime, India’s first, exclusive platform rewarding solar product acquisitions. Through building a 10,000+ customer community, we aim to serve as a powerful catalyst to take India’s solar energy mission to even greater heights with presence in tier 1 and two spreading its roots to remotest corners of India and exporting to more than 20 countries in the world.
What are your insights into the future of the solar PV module supply market in India, and how is Waaree strategically positioned to capitalize on emerging opportunities and challenges?
Solar energy used to be a luxury but has now become the need of the hour. Given the increasing emphasis on sustainability, in India and across the globe, businesses across sectors are making green energy adoption a key strategic priority. This trend will only be strengthened with RPOs (Renewable Purchase Orders) coming to the forefront.
Amidst this transition to green energy, solar energy offers the key advantage of being decentralized, as compared to other renewable energy sources. For instance, one can easily install a solar module on their rooftop. The same flexibility does not exist with wind energy. For this reason, as well as the tremendous potential for job creation, the government has been incentivizing the growth of the solar energy sector.
While there are certainly challenges, most notably with regard to the availability of raw materials, concerted efforts by players across the solar energy ecosystem will enable India to overcome constraints and achieve our target levels of solar energy generation ahead of time.
At Waaree Energies Ltd., we have a proven track record of project delivery, as evidenced by the successful execution of multiple renewable energy projects. As an integrated one-stop solution provider, with a robust nationwide network spanning multiple Tier 1, 2, and 3 cities, we are well-placed to capitalize on these opportunities and play a leading role in India’s clean energy transition.