Waaree Energies Limited, India’s largest solar PV module manufacturer, has withdrawn its proposed Rs 25,000-crore solar equipment complex from Neulopoi in Dhenkanal district.
The company cited “execution delays” at the designated site as the principal reason for pulling out.
The high-profile project, approved by the Odisha government’s High-Level Clearance Authority in April 2023, had envisioned the establishment of a 6 GW solar manufacturing facility — including panels, modules, and power generation — across 600 acres. The initiative was hailed as a transformative leap for both the local economy and India’s clean energy drive.
Despite a groundbreaking ceremony held in December 2024, attended by key dignitaries including WAAREE Director Hitesh Mehta and Odisha’s Consumer Welfare Minister Krushna Chandra Patra, the project failed to progress as scheduled.
In an official statement, Waaree Energies clarified, “In order to utilise IPO proceeds efficiently and expedite execution, the Board has approved relocation to alternative sites.” The company is now pursuing a multi-location setup across Gujarat, Tamil Nadu, and Maharashtra, optimising costs and accelerating timelines. The reconfigured plan includes:
- 3 GW module capacity at Samakhiali, Gujarat
- 3 GW capacity in Gujarat/Tamil Nadu or another state
- 6 GW cell unit at Unn, Gujarat
- 6 GW ingot and wafer manufacturing in Nagpur, Maharashtra
The withdrawal has triggered concerns over Odisha’s capacity to retain large-scale investments, especially in sunrise sectors like renewable energy. With Prime Minister Narendra Modi recently unveiling an “Odisha Vision 2036,” the timing of this exit contrasts sharply with broader industrial aspirations.
As the state recalibrates its investment strategy, this development underscores the pressing need for streamlined execution and investor assurance to sustain Odisha’s growth narrative.
