On May 20, Indian PV module manufacturer Waaree Energies has secured an order to supply 5GW of 540 MW and 600 MW PV modules. The total value of the order is as high as 2.37 billion US dollars, which is also the largest project the component manufacturer has received so far.
It is understood that this time it will start production (components) at the Indian factory. The customer who placed this order is anonymous, and the shipment of this order will not only supply the Indian market, but also other overseas regions. Waaree Energies believes that the order will increase foreign exchange by more than US$2 billion, and that more local Indian jobs will be created as a result. The market expects that the order will be delivered next year.
The Indian manufacturer currently has 4GW of module capacity and will add another 5GW in December this year, resulting in a total of 9GW by the end of the year. At the same time, it will have 4GW of battery capacity put into production in March 2023.
This Indian company was established in 1989 and provides EPC services for the Indian market, as well as external sales of inverter products. Revenue in 2021 is nearly 2 billion.
This 5GW order for Indian manufacturers is not yet sure where the customer comes from. It could be a local company in India, or it could be an overseas distributor and developer. After all, this Indian manufacturer has been engaged in photovoltaics for a long time, and its customers are also in dozens of countries around the world.
On the other hand, both the United States and Europe are consciously increasing their control over the energy market. This has obviously turned into a new historic opportunity for overseas components and manufacturers outside the Chinese system, especially those in the Asian and American circles. The critical moment for them to improve their business prosperity has come.
The United States and Europe are both newly installed photovoltaic regions in recent years. However, from the perspective of the anti-circumvention of the United States and the new WRO policy, the blame is directed at Chinese suppliers, disrupting the pace of Chinese companies through sanctions rather than reasonable and sufficient market competition, and supporting other forces, which they are happy to see. However, this approach not only harms the interests of some distributors and investors in the United States for a long time, but also the United States itself is the one who suffers, and will greatly increase the cost of energy investment, which is already high.
In the European market, after many rounds and years of trade wars, the development of photovoltaics has tended to be normal in recent years. However, the recent escalation of the Russian-Ukrainian incident has led to a large gap in the supply of natural gas in Europe, and the price of energy products caused by inflation has soared. The emergence of the "Repower EU" energy plan is expected to be a milestone event in the rapid promotion of green energy transition in Europe.
The European Union expects to increase the overall target of renewable energy from 40% to 45% in 2030, and plans to have a new 600GW photovoltaic solar installation in 8 years, which will give the world's photovoltaic modules, including Chinese companies. and supply chain manufacturers to bring about a new round of changes that were previously unimaginable. Because the local photovoltaic manufacturing chain in Europe is extremely weak, it is completely dependent on external support. It is predictable that Europe may support some non-Chinese companies to enhance their autonomy, and it is not ruled out that they will make some new supply chain layouts locally. Therefore, companies like Indian module manufacturers will spring up like mushrooms after a rain, and market competition will further intensify.
