Waaree Renewable Tech Signs 100 MW Solar Pact in Vietnam

Waaree Renewable Technologies signed an initial agreement for a 100 MW solar project in Vietnam on June 20, 2025, expanding India’s renewable footprint. The project supports Vietnam’s 20 GW solar target and India’s global clean energy leadership.

Waaree Renewable Technologies, a subsidiary of Waaree Energies, inked a memorandum of understanding for a 100 MW solar project in Vietnam, valued at $50 million. Announced on June 20, 2025, the project involves supplying panels and engineering services, with completion targeted for 2027. Vietnam’s solar capacity, at 17 GW in 2025, aims for 20 GW by 2030, driven by 8% annual energy demand growth.

India’s 108 GW solar capacity and 18 GW manufacturing base position Waaree as a key exporter. The project, using monocrystalline panels with 22% efficiency, will generate 150 GWh annually, powering 50,000 homes. Vietnam’s 5 kWh/m²/day solar potential supports high yields, but 20% grid curtailment poses challenges. India’s $2 billion PLI scheme for solar manufacturing cuts export costs by 15%, boosting competitiveness.

The project creates 500 jobs and aligns with India’s Atma Nirbhar Bharat initiative, reducing Vietnam’s 80% reliance on Chinese panels. However, high logistics costs, at 10% of project value, and Vietnam’s 30% import tariffs increase expenses. Waaree’s Houston plant, exporting $1 billion annually, offers a model for localized production. India’s 70% domestic component sourcing could lower costs if replicated in Vietnam.

Challenges include Vietnam’s regulatory delays, stalling 20% of projects, and land acquisition, requiring 200 hectares. Environmental impacts, like 5% habitat disruption, need mitigation. India’s Gujarat model, with 10 GW solar parks, suggests public-private partnerships to streamline approvals.

Conclusion

Waaree’s 100 MW solar project in Vietnam strengthens India’s renewable exports. Overcoming regulatory and logistical barriers is key to meeting Vietnam’s 2030 solar goals.

Source: Economic Times,