Waaree Drops Solar Project in Odisha, Shifts Focus to Other States

Bhubaneswar: In a major blow to Odisha’s industrial ambitions, Waaree Energies, India’s largest solar module manufacturer, has pulled out of its ₹25,000 crore integrated solar manufacturing project in the state, citing prolonged execution and land acquisition delays.

The ambitious project, which was planned in Dhenkanal district, aimed to manufacture ingots, wafers, solar cells, and modules from a single integrated facility. However, the company has now formally withdrawn the proposal and is shifting its focus to other renewable energy-focused states like Gujarat and Tamil Nadu. A multi-location approach is also being considered for its planned 6 GW manufacturing capacity.

In a regulatory filing, the company stated that its board, based on the audit committee’s recommendation, approved a change in the project location mentioned in its IPO prospectus dated October 23, 2024. The move is subject to shareholder approval via a special resolution through a postal ballot.

“The company is experiencing delays in the execution of the project at the location specified in the Prospectus,” Waaree said in a statement.

“In order to utilise the IPO proceeds and expedite the project, the Board has approved the change in location, it added.

This marks the third major industrial pullout from Odisha within a year, following the exits of JSW’s electric vehicle plant and ArcelorMittal’s proposed steel facility, raising concerns over the state’s investment climate and administrative efficiency.