As India accelerates its clean energy transition toward 500 GW of non-fossil fuel capacity by 2030, energy storage has emerged as the most critical enabler of this transformation. While solar and wind capacities are expanding rapidly, Battery Energy Storage Systems (BESS) are essential to ensure grid stability, peak management, and round-the-clock renewable power.
In a major boost to India’s energy storage ecosystem, Waaree Energies Ltd, one of the country’s leading solar module manufacturers, has taken a decisive step into large-scale battery manufacturing.
On January 5, 2026, Waaree’s wholly owned subsidiary Waaree Energy Storage Solutions Pvt Ltd (WESSPL) raised approximately ₹1,003 crore (US$111 million) from a mix of family offices, high-net-worth individuals (HNIs), and institutional investors. This funding forms a key part of Waaree’s ambitious ₹10,000 crore (US$1.1 billion) capital expenditure plan to set up a 20 GWh lithium-ion cell and battery pack manufacturing facility in India.
Why This Funding Is a Game-Changer for India’s BESS Market
India’s BESS market is witnessing explosive growth.
Annual storage tenders surged from around 4 GWh in 2023 to nearly 60 GWh in 2025, driven by large-scale renewable integration, peak power requirements, and grid balancing needs.
Despite this rapid demand growth, India continues to depend heavily on imported lithium-ion cells, exposing the sector to:
• Supply chain risks
• Foreign exchange volatility
• Higher project costs
Waaree’s entry into domestic lithium-ion cell manufacturing directly addresses these challenges and strengthens India’s energy security.
20 GWh Integrated Manufacturing Facility
The upcoming 20 GWh battery manufacturing plant will cater to a wide range of applications, including :-
• Utility-scale BESS for grid stability and renewable integration
• Electric mobility, including EVs and charging infrastructure
• Commercial, industrial, and residential distributed energy systems
This move complements Waaree’s existing portfolio across solar modules, inverters, and EPC solutions, enabling the company to offer end-to-end clean energy solutions under one roof.
Leveraging Waaree’s Manufacturing Strength in Gujarat
Waaree already operates large-scale solar manufacturing facilities in Gujarat, known for their scale, automation, and operational efficiency. These capabilities will now be extended into battery cells and battery pack manufacturing, significantly reducing execution risks.
The integrated approach underscores Waaree’s intent to evolve from a solar-focused manufacturer into a full-stack renewable energy powerhouse.
Also read waaree solar module supply order:-
Waaree Energies secure 1500MW module supply orders in india 2026
Leadership Speaks: Strategic Vision Behind the Investment
Commenting on the successful fundraise, Ankit Doshi, Director at Waaree Energy Storage Solutions Pvt Ltd, said:
“This successful fundraise underscores the confidence our investor community places in our vision to build world-class energy storage manufacturing in India. With these strategic resources, we will fast-track the commissioning of our 20 GWh cell and battery pack facility, strengthen domestic supply chains, and contribute meaningfully to India’s growing energy storage capacity.”
Policy Push: Mandatory BESS with Renewable Projects
Several state regulators in India are moving toward mandatory energy storage integration with wind and solar projects. For example, the Rajasthan Electricity Regulatory Commission has proposed that new renewable energy installations over 5 MW install battery storage systems equal to at least 5 % of capacity with 2 hours storage. At the national level, the Ministry of Power has also advised incorporating co-located storage (e.g., 2-hour ESS) in future solar tenders to improve grid reliability, though a uniform nationwide 5 % storage mandate is not yet law.
Key Competitors in India’s BESS Market :-
As Waaree Energies moves ahead with its ambitious 20 GWh lithium-ion cell and battery pack manufacturing facility, it enters a competitive landscape where several major Indian conglomerates are also scaling up energy storage capacities.
1. Reliance New Energy Limited (RNEL) – ~10–20 GWh (Planned)
Reliance New Energy, part of Reliance Industries, is developing a large-scale advanced battery manufacturing ecosystem under its New Energy Giga Complex. The company has announced initial battery capacity of around 10 GWh, with plans to scale significantly in the coming years, targeting both EVs and grid-scale BESS.
2. Amara Raja Energy & Mobility– ~10+ GWh (Planned)
Amara Raja Energy & Mobility, through its subsidiary Amara Raja Advanced Cell Technologies, is setting up a gigawatt-scale lithium-ion cell and battery pack manufacturing facility in Telangana with planned capacity of around 16 GWh of cells and 5 GWh of battery packs, aimed at supporting electric mobility and stationary energy storage markets.
3. Exide Industries – ~6–12 GWh (Planned & Under Development)
Exide Industries, through its lithium-ion subsidiary, is expanding beyond lead-acid batteries into large-format lithium-ion battery manufacturing. Its planned capacity is estimated to be in the mid-single to low-double digit GWh range, focused on EVs and BESS applications.
4. Tata Group (Tata AutoComp / Tata Power) – ~5–10 GWh (Combined)
Multiple Tata Group companies are active across the battery value chain. Collectively, their cell manufacturing, battery pack assembly, and utility-scale BESS deployments are expected to reach 5–10 GWh over the medium term, primarily supporting grid storage and EV infrastructure.
5. Luminous Power Technologies – ~1–3 GWh (Battery Systems & Packs)
Luminous Power Technologies is a strong player in residential and commercial energy storage. While its focus is more on battery packs and systems rather than cell manufacturing, its annual lithium-ion storage capacity is estimated at 1–3 GWh, competing in distributed and hybrid energy storage solutions.
Beyond capacity expansion, the project is expected to:
• Create skilled employment
• Drive innovation in battery technologies
• Reduce India’s reliance on imported cells
Broader Impact on India’s Energy Transition
India’s energy storage demand is projected to reach hundreds of GWh over the next two decades, potentially scaling into thousands of GWh by 2047. Government initiatives such as:
• PLI schemes for Advanced Chemistry Cells (ACC)
• State-level storage policies
• Large-scale BESS tenders are accelerating this momentum.
Waaree’s investment aligns strongly with these policy signals and positions India as a potential global hub for advanced battery manufacturing.
Waaree From Solar Leader to Storage Powerhouse
With its bold move into battery storage, Waaree Energies is no longer just a solar module leader — it is positioning itself at the heart of India’s clean energy revolution.
The 20 GWh lithium-ion manufacturing facility will play a pivotal role in enabling:
• Higher renewable penetration
• Grid resilience
• Energy independence
As India races toward its net-zero and energy security goals, investments like this signal that the battery storage boom has truly begun — and Waaree is determined to lead from the front.
Related Coverage by Urja Kranti:
1) GUVNL Phase VIII BESS Tender 2026 335 MW / 670 MWh capacity across Gujarat
2) India’s Under construction 148 GW Renewable Energy Project in India 2026
3) Juniper Green Energy commissioned indias frist merchandise BESS 60mwh Project in Rajasthan
4) India's Solar Boom 2025 Rajasthan, Gujarat & Maharashtra Lead with 132+ GW Capacity
5) Rajasthan Invite bid for 2450 MW solar & 6400 GWh BESS
Juniper Green Energy commissioned indias frist merchandise BESS 60mwh Project in Rajasthan
