India's energy storage manufacturing seems to be coming?
It is reported that Waaree, an Indian photovoltaic company, is raising funds to build a 20 GWh energy storage plant.
Waaree is considered to be the largest PV manufacturer in India, with an annual PV module production capacity of 22.3G W and a PV cell manufacturing capacity of 5.4G W. An energy storage subsidiary
of Waaree Energies has raised 10 billion rupees (about 777 million yuan) to build a planned manufacturing plant in India.
On Jan. 5, Waaree said its Waaree Energy Storage Solutions Pvt Ltd unit, or WESSPL, had completed a round of financing. The fund will be used by WESPL to build a lithium-ion battery and battery pack factory, with a total investment of 100 billion rupees (about 7.77 billion yuan).
The plant is planned to have an annual capacity of 20G Wh after full expansion, although the specific allocation of battery and module capacity is not disclosed. It will produce products for the battery energy storage system (BESS), electric mobility and distributed energy markets.
The Indian government has implemented a mandatory storage policy for photovoltaic projects, and the Ministry of Power (MoP) of India has updated the regulatory requirements in early 2025. All new solar photovoltaic power bidding projects must be equipped with at least 2 hours of cooperative energy storage system (ESS), and its capacity needs to reach 10% of the installed capacity of solar projects.
India's goal is to achieve 500 GW of non-fossil energy installed capacity by 2030, of which solar photovoltaic is expected to contribute 280 GW, which is driving the explosion of demand for battery energy storage systems.
According to the latest report of the Indian Energy Storage Alliance (IESA), the energy storage system industry in India is expected to move from tender to implementation in 2026.
As of December 31, 2025, India has tendered a total of 224 GWh of energy storage capacity , including 92 GWh of battery energy storage systems and 132 GWh of pumped storage. Among them, 95 GWh is in different construction stages, 80 GWh is still under tender, and 47 GWh tender has been cancelled.
The report points out that the bidding activities in the field of energy storage in India in 2025 are unprecedented, with 69 tenders issued in the whole year, totaling 102 GWh. This number is almost equal to the total number of tenders issued between 2018 and 2024. Projects awarded since mid-2023 are expected to begin production in 2026, in line with the standard project development schedule of 18 to 24 months.
However, as of 2025, only 0.7 GWh of battery energy storage capacity will be put into operation in India, and 2 GWh is expected to be put into operation by December 2026.
At present, only a few projects in India's many tenders have been financed. The fate of these projects is still unknown until they are delivered.
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