Indian Solar Firm Waaree Builds US Manufacturing Empire to Power AI Boom
Published · Updated · 4 min read
Waaree Energies has quietly become a major player in America’s clean energy market, building solar panels in Texas to meet surging demand from artificial intelligence data centers.
The Mumbai-based company, India’s largest solar module maker, now operates a 100% owned US subsidiary and manufactures in Brookshire, Texas near Houston. The move positions Waaree to capture billions in contracts as tech giants scramble for renewable power.
Growing US Footprint
Waaree established its Texas facility in 2023 with 1.6 GW of production capacity. The company plans to expand to 5 GW by 2027, requiring up to $1 billion in investment over four years.
The expansion accelerated when Waaree acquired bankrupt Swiss firm Meyer Burger’s Arizona equipment, adding roughly 1 GW of capacity. The purchase reflected what Sunil Rathi, President of Waaree Solar Americas, called the company’s “unwavering commitment to building a resilient, robust, and technologically advanced clean energy supply chain in the US.”
Total US manufacturing capacity now stands at 2.6 GW, with aggressive expansion underway.
Riding the Data Center Energy Wave
The timing aligns with explosive growth in AI infrastructure. Deloitte projects that power demand from US AI data centers could surge more than thirtyfold by 2035, reaching 123 gigawatts from just 4 gigawatts in 2024.
A single five-acre AI data center can require 50 megawatts of power, equivalent to thousands of homes. Tech giants like Google, Meta, and Amazon plan to spend between $364 billion and $400 billion on AI infrastructure, creating massive demand for clean energy.
Waaree’s Texas facility produces modules meeting Inflation Reduction Act requirements, allowing US data center operators to access federal tax credits while securing domestic supply. The strategy has helped the company avoid 50% tariffs the Trump administration imposed on Indian goods in August 2025.
Major Contracts Signal Momentum
The market has responded strongly. Waaree secured over 1.2 GW in new US orders during Q1 of fiscal year 2025-26, driven by AI data center demand.
Recent contracts include a 599 MW module supply agreement with an independent power producer for 2026 delivery, a $176 million order for 586 MW from North Carolina-based Pine Gate Renewables, and a 288 MW order from Sabanci Renewables for Texas utility projects.
CEO Amit Paithankar remains bullish despite policy uncertainty. “We will not give up on the US. It’s a very, very important market for us,” he said recently.
Financial Performance Reflects US Growth
The US market has become critical to Waaree’s business. The company generated 58% of revenues from exports in FY24, with the US as the dominant market. But the strategy is shifting from exporting to local manufacturing.
First quarter FY26 results showed 31.48% revenue growth year-over-year to ₹4,597.18 crore ($527 million), while profit surged 92.68% to ₹772.89 crore ($88.6 million). The company achieved record quarterly module production at 2.3 GW.
The order book tells a compelling story. Waaree reported orders worth approximately ₹49,000 crore ($5.6 billion) and a global pipeline of 100+ GW in late 2025. While 58.7% of orders come from India, 41.3% are overseas with the US representing the largest portion.
Exports already make up 16.72% of total revenue, according to financial reports, and the percentage is growing as US manufacturing ramps up.
Strategic Advantages
Several factors differentiate Waaree from competitors. The company’s vertical integration provides pricing stability and quality control. Its Chikhli plant in India features 6 GW of module capacity and 5.4 GW of cell capacity, with additional capabilities coming online in the US.
Waaree produces Tier 1 modules certified by RETC, PVEL, and Bloomberg, meeting stringent quality requirements for American developers. This matters particularly for data center operators needing reliable long-term energy sources.
The company has also positioned itself to capture the domestic content bonus credit under the Inflation Reduction Act. Projects meeting certain requirements receive an additional 10% in tax credits, a significant financial incentive for developers.
Despite success, Waaree faces obstacles. Recent policy uncertainty includes potential changes to the Investment Tax Credit and accelerated phase-outs of certain incentives through the One Big Beautiful Bill Act introduced in late 2025.
The US solar sector remains heavily dependent on imported components. While Waaree has secured module manufacturing capacity, it still relies on imported silicon wafers and other parts. Building fully domestic supply chains could take years and billions in additional investment.
Competition is intensifying. Other Indian manufacturers like Vikram Solar, Saatvik, and Premier Energies are establishing US operations, while American companies like First Solar expand domestic manufacturing.
Geopolitical tensions pose risks. The US launched an anti-dumping investigation against Waaree to determine whether it sidestepped tariffs on Chinese-made components by labeling them as Indian-made. Paithankar said the company is “fully cooperating with the authorities” and believes “it might not be a very large impact on us.”
Expansion Plans
Looking ahead, Waaree plans to expand aggregate solar module production capacity to 25.7 GW by FY27, with significant portions from US operations. The company is also diversifying into battery storage systems, inverters, and green hydrogen production.
The fundamental drivers show no signs of slowing. Enverus Intelligence Research projects US electricity load will grow 34% by 2050, with data centers representing a significant portion.
For Waaree, the Texas facility represents more than manufacturing. It’s a strategic position in America’s energy transition, demonstrating how Indian manufacturing expertise can power American technological innovation while creating jobs on both sides of the Pacific.
The company’s success may represent a new model for global clean energy supply chains, where geographic diversification provides the most resilient path forward for the energy transition.
References:
