Waaree Energies Ltd. on Monday announced its board has approved capital expenditure of ₹2,754 crore ($323 million) across three key projects, aiming to strengthen its position in India’s clean energy sector.

According to a statement, the company will spend ₹551 crore to establish a 300-megawatt electrolyzer manufacturing plant through its wholly owned subsidiary, Waaree Clean Energy Solutions Pvt. Ltd.

The statement added that an additional ₹200 crore will be invested in the project, which is part of the Production Linked Incentive scheme issued by the Ministry of New and Renewable Energy through the Solar Energy Corp. of India.

The investment will be a mix of debt and internal accruals, the release stated.

Foray into Lithium-Ion Battery Storage

The company also announced that its subsidiary, Waaree Energy Storage Solutions Pvt. Ltd., plans to spend ₹2,073 crores on building a 3.5 gigawatt-hour lithium-ion battery manufacturing plant.

Additionally, it will invest ₹650 crores in the project, bolstering India’s capabilities in energy storage technologies critical to the transition to renewable energy. Like the electrolyzer project, the funding will be sourced through a combination of loans and the company’s funds.

Boosting the Inverter Business

In a complementary move, Waaree will also spend ₹130 crore to enhance its inverter business through Waaree Power Pvt. Ltd. Of this, ₹40 crore will come directly from Waaree Energies. The investment is expected to solidify the company’s position in the power electronics market further, a critical segment for renewable energy systems.

Leadership Shake-Up

Amid these transformative plans, Waaree Energies announced significant leadership changes. Arvind Ananthanarayanan, a non-executive director, resigned from the board, citing other professional commitments.

In his place, the board has appointed Amit Paithankar, the company’s current CEO, as an additional director and whole-time director for a five-year term, subject to shareholder approval.

These developments come when India is pushing to become a global leader in clean energy technologies. Waaree Energies’ substantial investments in manufacturing and storage capabilities signal a readiness to capitalize on this momentum.

On Monday, the company’s share price jumped 1.84 percent or 54 points to close at ₹2,932.45, reflecting investor optimism following the announcement.

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