Bhubaneswar: In a setback to Odisha’s industrial ambitions, Waaree Energies Limited, India's largest manufacturer of solar PV modules, has withdrawn its proposed ₹25,000-crore solar power equipment manufacturing complex from the state.

The announcement comes even as the BJP-led government celebrates one year in power in Odisha.

The mega project was proposed to be set up at Neulopoi in Dhenkanal district and expected to be a landmark investment in the renewable energy sector. It aimed to manufacture solar panels, modules and other equipment at the complex. Besides, the company had planned to produce 6 GW solar power at the site.

However, the company cited “execution delays” at the proposed site as the key reason for its withdrawal.

“The Company is experiencing delays in execution of the project at the location specified in the prospectus. In order to utilise the IPO proceeds and expedite the project, the Board has approved the change in location,” Waaree Energies said in an official statement.

According to sources, Waaree is now evaluating alternative locations in renewable energy-rich states such as Gujarat and Tamil Nadu. The company is considering a multi-location strategy for its proposed 6 GW manufacturing capacity, which is part of its broader expansion plans.

As per the revised configuration:

  • 3 GW module capacity will be set up at Samakhiali, Gujarat
  • Another 3 GW module capacity is planned in Gujarat/Tamil Nadu or another state
  • 6 GW cell capacity will come up at Unn, Gujarat
  • 6 GW ingot and wafer capacity is proposed for Nagpur, Maharashtra

Waaree stated that the shift to multiple sites would help optimize costs and accelerate commissioning.

The cancellation of the mega project has sparked concerns about Odisha's ability to attract and retain large-scale clean energy investments. 

The High-Level Clearance Authority (HLCA) of the Odisha government had approved the project in April 2023, and a groundbreaking ceremony was held on December 15, 2024, attended by Consumer Welfare Minister Krushna Chandra Patra, WAAREE Energies Limited Director Hitesh Mehta and other dignitaries.

The project was proposed on 600 acres of land and was expected to significantly boost the local economy through job creation and supply chain development.