Annexure A

Capital Expenditure Report

for
the Proposed Project of
6GW Ingot Wafer , Solar Cell and Solar PV Module manufacturing facility
in the
State of Odisha,
India

WAAREE ENERGIES LTD.

602, 6th Floor, Western Edge – I, Western Express Highway, Borivali (East), Mumbai - 400 066, Maharashtra,
India

By:

Oriens Advisors LLP

 DISCLAIMER

Date: October 07, 2024

Oriens Advisors LLP has prepared this Project Report on September 20, 2024 for the setting up new
Manufacturing Unit (“Proposed Project”) at Odisha of Waaree Energies Limited (the “Company”), with its
Registered Office at 602, 6th Floor, Western Edge – I, Western Express Highway, Borivali (East), Mumbai - 400
066, Maharashtra, India, on a best judgment basis.

While all reasonable care has been taken in its preparation, details contained in this report have been compiled in
good faith based on information provided by Waaree Energies Limited. We have also examined and reviewed all
the quotations, along with any other documents or information required for the project execution.

This Report is for information and for inclusion (in part or full) in any documents issued by the Company in
connection with the proposed Initial Public Offering of its equity shares (the "Offer"), including the red herring
prospectus and the prospectus of the Company intended to be filed by the Company with the Securities and
Exchange Board of India, the stock exchanges where such equity shares are proposed to be listed, Registrar of
Companies, Maharashtra at Mumbai and any other material whicsh the Company may issue in relation to the
Offer. This Report can be relied upon by the Company, any book running lead managers and the legal advisors
appointed by the Company and the book running lead managers, in relation to the Offer. I hereby consent to the
inclusion of this Report as part of “Material Contracts and Documents for Inspection” in connection with the
Offer and have no objection with the Company uploading the Report on its website and sharing the Report with
any regulatory, statutory or judicial authority.

2
 EXECUTIVE SUMMARY

Project Highlights:

Company Waaree Energies Limited (‘WAAREE’)

Constitution Public Limited Company
Registered Office Address of 602, 6th Floor, Western Edge – I, Western Express Highway, Borivali
the Company (East), Mumbai - 400 066, Maharashtra, India
Reg. / CIN No. U29248MH1990PLC059463
Date of Incorporation April 25, 2007
Proposed Project Site Address Village Bandhunuagaon,, Tehsil Dhenkanal, Ambakhal, Tehsil Gondia,
Chhatia, Tehsil Gondia in Dhenkanal District, Odisha in Dhenkanal
District of Odisha
Business & Products WAAREE is engaged in the production and global marketing of solar
energy product portfolio consists of the following PV modules: (i)
multicrystalline modules; (ii) monocrystalline modules; and (iii) Topcon
Modules, comprising flexible modules and monocrystalline passivated
emitter and rear cell modules, which includes bifacial modules (framed
and unframed), building integrated photo voltaic modules. The
Company’s products are primarily sold under its flagship brand
“WAAREE”.
Scope of the Capital To assess the capital cost for setting up of the proposed project to be
Expenditure Report executed by Waaree through its wholly owned subsidiary named
“Sangam Solar One Pvt. Ltd.” at Bandhunuagaon, Ambakhal, Chhatia
Villages in Dhenkanal District of Odisha
Summary of the cost of the Proposed Project Cost (Refer Annexure I for details):
Proposed Project
Sr. No. Particulars Status Estimated Cost
(in ₹ millions)
1. Land Leased 1,385.80
2. Engineering Proposed
Consultancy 868.55
3. Civil infrastructure and Proposed
Development Works
10,856.06
4. Machinery Proposed 44,228.34
5. Utilities Proposed
29,318.82

6. IT Infrastructure Proposed 929.96

7. Freight Charges Proposed 1,285.97
8. Miscellaneous Proposed 874.98
9. Contingencies Proposed 751.11

Total Costs** 90,499.59

** The estimated cost includes applicable taxes and duties.

3
 INDEX

Chapter No. Particulars Page No.

1. Brief Background of the Company

2 Products & Manufacturing Process

3. Existing Facilities

4. Proposed Project

5. Proposed Project Timelines, Deployment Of Estimated Cost & Key Approvals

6. Conclusions & Recommendations

Appendix I Land

Annexure II Consultancy

Annexure III Civil Works

Annexure IV Machineries

Annexure V Utilities

Annexure VI Information Technology Infrastructure

Annexure VII Freight forwarding & Unloading, Handling and Erection

4
 CHAPTER 1 – BRIEF BACKGROUND OF THE COMPANY

Waaree is one of the major players in the solar energy industry in India focused on PV module manufacturing,
with an aggregate installed capacity of 12 GW as of June 2024 . The solar energy product portfolio consists of
the following PV modules: (i) multicrystalline modules; (ii) monocrystalline modules; and (iii) TopCon Modules,
comprising flexible modules and monocrystalline passivated emitter and rear cell modules, which includes bifacial
modules (framed and unframed), building integrated photo voltaic modules. The Company operate four
manufacturing facilities at Chikhli, Surat, Tumb and Nandigram in the State of Gujarat, India.

In order to support the growth strategy and to expand their manufacturing capabilities, the Company has recently
been issued a Letter of Award for lease of 595.39 acres of land which is located over three villages
Bandhunuagaon, Ambakhal, Chhatia Villages in Dhenkanal District of Odisha

Waaree proposes to implement the project through a 100% subsidiary named “Sangam Solar One Pvt. Ltd.”

5
CHAPTER 2- MANUFACTURING PROCESS

Manufacturing process of the key products of the Company

2.1. Ingot Manufacturing

Silicon is a non-casting material due to its physical and chemical properties. It is prone to chemical reactions with
other substances during melting, hence crystal growing process needs to take place either in a vacuum or in the
atmosphere of inert gas.

Solar ingot is produced from high-quality mono-crystal seed (single Si-crystal). The crystal seed is introduced in
a polysilicon melted at high temperature of the order of 1425 Deg. C in a cylindrical crucible made of graphite
and quartz. Polysilicon melt will be in contact with the quartz. On introduction of the seed crystal in the polysilicon
melt, crystallisation occurs due to a slight drop in temperature. The seed crystal is pulled upwards and single
mono-crystal clings to the seed crystal as a cylinder. By regulating the temperature, rate of pulling and speed, a
silicon mono-crystal is pulled – whose structure is identical to that of seed crystal – in the form of ingots.

2.2. Manufacturing Process from Polysilicon to Ingot to Wafer

The production process of polysilicon ingot is as below.

2.2.1. Polysilicon Storage and conveying:

Polysilicon is the purest form of silicon and its purity is important in the performance of solar cells.
Hence, it is required to be stored in the clean room and handled with abundant caution to maintain the
purity and the raw material warehouse and conveyors are to be designed accordingly.

2.2.2. Crushing
Polysilicon can be received either in the form of stone or powder. The polysilicon stones are required to
be crushed into smaller particles for better heating in the melting process.

2.2.3. Melting
The next stage is to melt the polysilicon. The polysilicon is charged into an electrically heated crucible.
The polysilicon is melted at 1425 ⁰c. The molten silicon is cooled gradually and seed mono silicon crystal
mounted on a rotating shaft is introduced from the top. The melt solidifies at the seed crystal and adopts
the orientation of the crystal. The crystal is rotating and pulled upwards slowly, allowing the formation
of a large, single-crystal cylindrical column- ingot from the melt. To prevent the formation of impurities,
the process is conducted in inert atmosphere line argon. The quality and length of the ingot is controlled
by maintaining temperature, rate of pulling shaft upwards and rotational speed.

2.2.4. Ingot Cooling and Quality Check

The quality and length of the ingot is controlled by maintaining temperature, rate of pulling shaft upwards
and rotational speed. With the latest production equipment, ingot length can be from 200 mm to 2000
mm. Upon rod formation, the ingot is cooled and taken form quality check. Rod length, diameter,
resistivity, oxygen and carbon content, dislocation are measured and qualified rods are moved ahead for
wafer manufacturing.

2.3. Manufacturing Process from Polysilicon to Ingot to Wafer

Wafer manufacturing process has been described below.

2.3.1. Machining
6
 The ingot produced is conical from both ends due to pulling process. Hence both ends of the ingots are
truncated and ground to achieve desired surface finish. The bar is further cropped from four sides. The
cylindrical bar is now in brick form. Dimensions and surface will be inspected. The rejected silicon is
reused by melting in the crucible.

2.3.2. Brick Bonding

The cylindrical ingot would be transferred through roller conveyors, however, Automated Guided
Vehicles could also be used for after machining of the ingot. Hence a resin plate is attached to a plane of
the ingot bar.

2.3.3. Wire Sewing / Slicing

– The average thickness of N-type silicon wafer cell is 140 μm. Diamond wire is used to slice the bar into
small wafers. Diamond wire cutting is fast, wears less and environment friendly. The diameter of the
diamond wire used to cut photovoltaic silicon wafers is 50 ~ 65 μm.
2.3.4. Wafer Debonding

The cut wafer are dipped into the lactic acid bath. The adhesive between wafer and resin plate expands
after absorbing lactic acid and the resin plate separates from wafers. Wafers also gets separated form each
other in the process.

2.3.5. Cleaning

The wafers are cleaned for any impurities such as silicon fumes, cutting fluid, organic layer, oxidation
and metal power using cleaning agent and ultrasonic waves.

2.3.6. Inspection and sorting

– This is the last stage in the wafer manufacturing. The wafers are inspected for any surface defect by using
visual inspection as well as electro luminated inspection. The accepted wafers are sorted using automated
sorting machines are sent for cell manufacturing.

2.4. Manufacturing Process of Cells

2.4.1. Pre-Check and Pre-Treatment

The raw silicon wafer disks first undergo a pre-check during which they are inspected on their geometric
shape and thickness conformity and on damages such as cracks, breakages, scratches, or other anomalies,
followed by splitting of wafers and cleaning with industrial soaps to remove any metal residues, liquids or
other production remains from the surface.

2.4.2. Texturing
Texturing is the process of etching the surface of the wafer by anisotropic (directional dependent) which
creates a pyramidal serration thereby increasing the surface area to capture the incident light at different
angles resulting to minimise the losses caused by the complete reflection of the light. Texturing is done
by wet etching with both the alkaline and acidic solutions by using KOH, HF & H2O2.

2.4.3. Acid Cleaning

After texturing, the wafers undergo acidic rinsing where any post-texturing particle remains are removed
from the surface. Using hydrogen fluoride (HF) vapor, oxidized silicon layers on the substrate can be
etched away from the wafer surface. The result is a wet surface that can be easily dried. By using
hydrogen chloride (HCl), metallic residues on the surface can be absorbed by the chloride and thus
removed from the wafer.
7
2.4.4. Diffusion

The diffusion is a process of introducing the dopants into silicon via high-temperature thermal processes
is one method in which silicon wafers are doped with extrinsic elements such as boron or phosphorous
in a gaseous or liquid phase to form a p-n junction. N-type cell will be doped with Phosphorus (P) and
PERC P- type cell will be doped with boron (B) to form a p-n junction.

Plasma-enhanced chemical vapor deposition (PECVD) system is one of the methods used in the recent
times.
This stage can be divided further as follows
Primary Boron Expansion – In this process, the required dopant (Boron) is diffused into the surface of
silicon wafer at high temperature.

Secondary Expansion (SE) – in SE, the energy from laser is used to melt the part of surface of silicon
wafer and P element from PSG is doped in the melted portion of the silicon wafer.

Secondary Boron Expansion – This process is mainly to push the silicon wafer in diffusion furnace to
form the emmiter of P/N junction.

2.4.5. Etching and Rear polishing

Etching is done as the same process as cited above in the texturing process and rear side polishing is
done by wet chemical treatment on single side is included in the production process for high efficiency
solar cells. While polishing, rear side structures are flattened and thus surface enlargement decreases.
This improves passivation quality and influences optical effects like light trapping. All these effects can
help to increase the final cell efficiency.

2.4.6. PSG removal and RCA cleaning

In edge isolation, removal of PSG (Phosphorus silicate glass) and RCA cleaning is the process of wafer
cleaning which removes the doped material on the edges and other sides of the wafer.

2.4.7. ALD Deposition – For Tunnelling Layer

Atomic layer deposition (ALD) is a thin film deposition and passivation technology which is used to
fabricate ultrathin, highly uniform and conformal material layers on complex, three dimensional objects
with atomic precision. ALD uses alternating, self-limiting surface controlled chemical reactions between
gaseous precursors and a surface to deposit material in an atomic layer-by-layer.

Plasma Enhanced Chemical Vapor Deposition (PECVD) is one of the processes for depositing a variety
of thin films at lower temperatures. Silicon nitride (SiNx) layer, positive charge is introduced for n-type
surfaces and aluminium oxide (AlOx) is used in the rear passivation of p-type surfaces.

2.4.8. Screen Printing

Screen printing is the metallization process over solar PV cell using stencil to reproduce the same print
repeatedly used to form the rear aluminium electrode and the front surface silver grid (busbars and
fingers) on the silicon nitride antireflection coating (ARC)

This involves the application of three different metallization paste types onto the c-Si cell.
The first paste is the front side silver used on the side that faces the sun, creates the collector gridlines
and silver bus bars, and the second is the rear side tabbing silver or silver-aluminium, and the third is
rear-side aluminium paste that reacts with silicon to create the back surface field.
8
2.4.9. Inspection
Following screen printing and drying, solar PV cell undergoes visual and performance inspection
process. Visual inspection will be carried with AOI (Automatic Optical inspection) and EL
(Electroluminescence) where the cells are imaged and analysed for cracks, uniformity, dimensions, area
defectors, bus bars and finger interruptions. In a final stage, the solar cells undergo performance testing
with I–V Curve parameters in a solar simulator station.

2.4.10. Sorting and Packing

Based on the cell colour, size and defects identified in the above process, solar cells are sorted and
redirected to either corrections or scrapped through automated conveying systems with the help of plant
MES (Manufacturing Execution System) Solar cells become a raw material for manufacturing of solar
module are further conveyed and packed.
2.5. Solar Module Manufacturing

Module manufacturing is the process of converting solar cells to solar module which generates power. This is
the final process of solar value chain.

The detailed material flow for the solar module manufacturing is described below.
2.5.1. Cell cutting

Cell cutting is the process of slitting the solar PV cells to the required size based on the module size and
power output of the solar module. Cell cutting is slitted with laser under controlled temperature with
minimal heating and thermal effects.

2.5.2. Tabbing & Stringing

Post cell cutting the Solar cells goes through the tabbing and stringing. The tabbing is the process where
the cells are connected in series with the coated copper wires and these connected arrays of cells are
called strings and process is called stringing.

2.5.3. Glass Loader

This is a parallel activity running along with the laser cutting, tabbing, and stringing. Glass loader is a
glass placing machine in the process followed by back sheet and EVA (Ethylene Vinyl Acetate) sheet.

2.5.4. Lay-up

2.5.5. Layup is an automation process where the glass, back-sheet, EVA and string of cells are placed one over
the other as sandwich layers for further process.

2.5.6. Bussing.

Bussing is connecting the positive and negative terminals of each cell and joining the cell strings to the
power output terminal i.e., junction box of the solar module with the help of ribbons.
Two different techniques followed by the manufacturers are
2.5.6.1. Manual bussing
2.5.6.2. Automatic bussing.

Automatic bussing has more advantages over the former as it is designed to handle the cells with car,
minimizing the risk of cracks, scratches or other damage that could effect the performance and durability. By
adopting the auto bussing, manufacturers can produce more panels in less time, reducing costs and increasing
9
 production volumes while maintaining quality.

2.5.7. Automatic Optical inspection (AOI) and Electroluminescence (EL) testing

Automatic Optical inspection (AOI) and Electroluminescence (EL) the modules are checked for cracks,
spots and defects in tabbing, stringing and bussing process before the lamination process. If the module
found with any above said defects, module is directed for re-work thorough automated conveyors.

2.5.8. Lamination

During the Lamination process, the layered Solar module is fed to the lamination machine in which the
air between the layers is vacuumed out and heated at ~150º C. Post lamination the module will go through
intermediate checks and trimming of excessive EVA and back-sheets.

2.5.9. Framing and Junction box fixing

Framing incudes fixing of aluminium frames on all sides of the module and applying adhesives and
sealants along the sides of module for gluing the frame. Later module moves for fixing of junction box
with the bus bar of the module.

2.5.10. Curing

Curing of module happens in the cooling chamber under controlled temperatures with dry air below 30º
C that ensures the proper adhesion and bonding between the layers of the module and frames post
applying of RTV (Room temperature vulcanizing) sealant.

2.5.11. Inspection & Testing

AOI & EL test is carried out for cracks, spots and defects post lamination, framing and curing. For
performance checking the panel is moved to the sun simulator that provides the illumination
approximating the natural sunlight based on artificial irradiation and therefore the reproduction of the
standard conditions of temperature, irradiance and spectrum in which the module works.

In Sun simulator IV parameter is measured to read and check the power and efficiency of the module
and immediate feedback there by ensuring the quality of the module.

2.5.12. Sorting and Packing

Based on the module capacity, type (mono-facial, bi-facial), size and defects identified in the above
process, solar modules are sorted and redirected to either corrections or scrapped through automated
conveying systems with the help of plant MES (Manufacturing Execution System.
Solar modules are further packed and stored in the designated area and racks.

10
 CHAPTER 3 – EXISTING FACILITIES

As on date of this Capex Report, the Company undertakes the manufacturing operations from facilities located in
Chikhli, Tumb, Nandigram and Surat, in the State of Gujarat , India. These Facilities include manufacturing units,
storage warehouses and finished good depots. The facilities in Chikhli, Tumb, Nandigram, and Surat, are either
owned by the Company or leased from Industrial Development Corporation’s (on long term leases), or taken on
lease from third parties/ promoter group members.

11
 CHAPTER 4 – PROPOSED PROJECT

Proposed Project Justification

The Company proposes to tap the market potential in Solar energy category. The Company proposes to undertake
the project through wholly owned subsidiary in the name and style of Sangam Solar one Private Limited.

The Company intends to continue to invest in the capacity expansion and backward integration of it’s operations,
which would enable the Company not only gain competitive advantage but also lead to benefits such as product
improvement and cost reduction, that would help to improve the competitive advantage and ability to compete
with larger global players. . For the purpose of this Proposed Project, the Company, in the current calendar year,
has been allotted land on a leased basis admeasuring 595.39 acres located over three villages viz
Bandhunuagaon,, Tehsil Dhenkanal, Ambakhal, Tehsil Gondia, Chhatia, Tehsil Gondia in , Dhenkanal District,
Odisha.

The Company intends to use a portion of the Net Proceeds from the Initial Public Offering for construction of the
proposed new manufacturing facilities, towards investing in plant &machineries, utilities to expand its module
production capabilities and to achieve backward integration of it’s operations to the extent of Cell, wafer and Ingot
manufacturing, that shall allow the Company to increase its production capacity, derisk the supply chain and
reduce the dependence on imported components and improvise the profitability.. (“Proposed Project”). The total
estimated cost for setting up the Proposed Project is mentioned below:

Total Amount Total Amount to

already deployed be deployed from
Total Estimated
Sr. from Internal the Net Proceeds
Particulars Cost**
No. Accruals as on and Internal
(in ₹ millions)
August 31, 2024 Accruals
(in ₹ millions) (in ₹ millions)
1. Land 1,385.80 1,385.80 -
2 Engineering Consultancy 868.55 80.90 787.65
3. Buildings and Civil works 10,856.06 10,856.06
Purchase of machinery including
Ingot and Wafer Manufacturing
4. machines, Cell Manufacturing, 44,228.34 44,228.34
Module Manufacturing machines and
other related ancillaries
3. Utilities 29,318.82 29,318.82
4. IT Infrastructure 929.96 929.96
5. Freight 1,285.97 1,285.97
6. Miscellaneous 874.98 874.98
7. Contingencies 751.11 751.11
Total Project Cost 90,499.59 1,466.70 89,032.89

The Estimated Cost includes applicable taxes and duties. Customs Duty and Goods and Service Tax for import of
equipment has not been considered as Waaree proposes to avail benefits under Manufacturing and Other
Operations in Warehouse Regulations (MOOWR) / Export Promotion Capital Goods (EPCG) scheme of the
Government of India scheme for export goods as notified by Government of India and Good and Service Tax
services are based on assessable value of services where ever they are excluded

Land:

Lease deed dated 24th June 2024 entered between The Odisha Industrial Infrastructure Development Corporation
and M/s Waaree Energies Limited. The Company has received an allotment letter from Odisha Industrial
Infrastructure Development Corporation (IDCO), a Government of Odisha undertaking, dated 7th September 2023
and allotment letter dated 9th October 2023, regarding allotment of the above land admeasuring 595.39 acres The
details of the land allotted to the Company on a long-term lease basis are as follows:

12
 Sr. No. Name of Village, Tehsil Present Area (Acres)
1. Bandhunuagaon, Dhenkanal 478.65
2. Ambakhal, Gondia 53.01
3. Chhatia, Gondia 63.73
4 Total 595.39

Sr. No. Particulars Cost

(in ₹ millions)
1. Land Cost 1,240.09
2. IDCO Admin cost 124.01
3. Annual Rent 21.70
Total Consultancy 1,385.80

Waaree has made the requisite payment as advance to IDCO of Rs 1385.50 Million to IDCO as on [30th November
2023].

Engineering Consultancy:
The Company has invited quotations from various agencies to provide consultancy for a) total plant design
including concept design, basic design, detailed design, technical specifications and technical support b) Detailed
engineering for Ingot and Wafer plant c) Detailed engineering for Cell Manufacturing plant d) Detailed
engineering for Module Manufacturing plant & Other Complementary Services, and e) Project Management
consultancy.

Cost associated with consultancy is

Sr. No. Particulars Cost

(in ₹ millions)
1. Total Plant Design 283.22
2. Detailed Engineering Design for Ingot and Wafer Plant 98.40
3. Detailed engineering for Cell Manufacturing plant 127.92
4. Detailed engineering for Module Manufacturing plant 39.36
5. Other Complementary Services 98.40
5. Mechanical Engineering Plumbing 26.55
6. Project Management consultancy 194.70
Total Consultancy 868.55

Building Construction and Civil work:

The Company plans to construct 4 buildings totalling to an area of approximately 2,024,154 sq. feet as a part of
its Proposed Project. Building and civil works for the proposed expansion include construction related work
including building the foundation, structure, roof, doors and windows, drainage and sewerage system, Electrical
Substation, Gas Station, Waste Heat Recovery Station, Stores, Workshops, Administrative Building and other
Infrastructure works like internal roads, Parking area, Drainage, The detailed scope of work in building
construction and civil work is provided in Annexure I. The costs associated with the construction of building and
civil work comprises of as follows:

Sr. Area
Particulars UoM
No. (Approximate)
1 Ingot and Wafer Building Sq. feet. 568,106
2 Cell Line Building Sq. feet. 712,742
4 Module Line Building Sq. feet. 743,301
5. Electrical Substation Sq. feet. 163,982
6. Gas Station Sq. feet. 360,223
7. Waste Heat Recovery Station Sq. feet. 635,131

13
 8. Stores Sq. feet. 2,048,424
9. Work Shops Sq. feet.
10. Other Plant Areas including Sq. feet. 314,170
Administration Buildings
11. Site Development Million 1.915
Cu.M

Sr. No. Particulars Cost

(in ₹ millions)
1. Civil Works for Infrastructure 10,336.39
2. Site Development 519.67
Total 10,856.06

Purchase of Machinery:

The Company has identified the machinery it intends to purchase and install at the Proposed Project. The key
plant and machinery include purchase and installation of equipment for a) Ingot and Wafer Plant, b) Cell
Manufacturing Plant, c) Module Manufacturing plant along with laboratory which will be utilised for the purposes
of setting up of the Proposed Project. The details of the plant and Machinery that will be installed at the Proposed
Project, the detailed break-up of which is provided in Annexure II.

The major costs associated with the plant, machineries and other items are as follows:

Sr. No. Particulars Cost

(in ₹ millions)
1. Ingot and Wafer Plant 20,065.59
2. Cell Manufacturing Plant 20,041.54
3. Module Manufacturing plant 4,121.21
4. Total Purchase of machinery: 44,228.34
* Basis the quotations received from multiple suppliers of these plant, machineries & others, details of which are
provided in Annexure II.

Utilities:

The Company intends to procure Utilities for each of the Ingot and Wafer Plant, Cell Manufacturing Plant and
Module Manufacturing plant requirement for the proposed project at the said location.

The various utilities proposed are

a) for Ingot and wafer Plant comprising are Chillers Centrifugal, Pump House, Cooling Towers, Compressors,
Dryer, Receiver, Piping, Argon Recovery System , Argon Liquid Storage , Exhaust and Scruber, Process Water,
Room Temp PCW for pullers, HVAC AHU including Ducting and Piping, DeIonsed Water, Reverse
Osmosis(RO) + ElectroDeInonisation (EDI) , Effluent Treatment Plant and Recycling System, Chemical
Distribution Unit and Piping, DG Sets, UPS and all Electrical system,

b) for Cell Manufacturing plant comprising Abatement System (Waste Gas) with Piping, Piping - PECVD
Vacuum ,Pumps to Abatement System, Compressed Dry Air & Piping, Special Gases Delivery System, Chemical
Delivery System, Chemical Scrubber, Piping & General Exhaust, DI, ETP (Waste Water) & Piping, Process
Cooling Water with Chiller & PHE Pumps, Clean Room, HVAC, with piping, Cooling Towers, DG Sets, UPS,
Electrical systems,

c) for the Module Manufacturing Plant comprising Compressed Dry Air & Piping, Clean Room, HVAC with
Chillers, Exhaust Air System with Piping, DG Sets, UPS, Fire Safety System, Electrical Misc - Lightings,
earthing, cabling, site services, and

d) Common Utility comprising Electrical Line etc The details of Utilities that will be installed at the Proposed
Project and the detailed break-up of which is provided in Annexure III

14
 Sr. No. Particulars Cost*
(in ₹ millions)
1. Ingot and Wafer Plant 8,899.88
2. Cell Manufacturing Plant 17,996.21
3. Module Manufacturing plant 829.74
4. Common 1,593.00
Total Utilities 29,318.82
* Basis the quotations received from multiple suppliers, details of which are provided in Annexure III.

IT Infrastructure :

The Company has also invited quotes of the Information Technology Infrastructure for the a) Ingot and Wafer
Plant, b) Cell Manufacturing Plant and c) Module Manufacturing plant

The details of IT Infrastructure that will be installed at the Proposed Project and the detailed break-up of which
is provided in Annexure IV

Sr. No. Particulars Cost*

(in ₹ millions)
1. Ingot and Wafer Plant 436.60
2. Cell Manufacturing Plant 436.60
3. Module Manufacturing plant 56.76
4. Total IT Infrastructure 929.96
* Basis the quotations received from multiple vendors details of which are provided in Annexure IV.

Freight charges

The Company intends to engage with specialist loading, unloading and freight forwarders for the various
equipment

The details of scope of work comprises the freight charges, port and customs clearances, Unloading, Erection and
Local movement and the detailed break-up of which is provided in Annexure V

Sr. No. Particulars Cost

(in ₹ millions)
1. Ingot and Wafer Plant 585.73
2. Cell Manufacturing Plant 415.70
3. Module Manufacturing plant 284.54
4. Total Freight and Unloading 1,285.97
* Basis the quotations received from multiple vendors details of which are provided in Annexure V.

Miscellaneous
The Company has budgeted about Rs 874.98 Million towards purchase of minor material handling equipment,
pre-operative tools, fire safety systems and consultancy, unquoted insurance and freight charges

Contingencies:
Contingencies comprises costs related to increase in a) scope of work for all the plant and machinery, civil,
utilities, freight and IT infrastructure which will be finalised along with detailed engineering., b) foreign exchange
variations , c.) taxes and duties etc.. The estimated contingency is 0.85%% of the hard cost costs at Rs. 751.11
Million

15
CHAPTER 5 – PROPOSED PROJECT TIMELINES DEPLOYEMENT OF ESTIMATED COST& KEY
APPROVALS

Project Timelines

Based on the past experience of the execution of the projects by the Company, discussions with the management
and the experience of the personnel involved, the Company is very well placed to execute the Proposed Project
within the timelines it has defined and which are mentioned hereunder:

Estimated date of Estimated date of

Particulars
commencement completion
Acquisition of Land (by way of lease) December 2023 June 2024*
Consultancy August 2024 October 2026
Building Construction & Civil Work December 2024 December 2025
Plant & Machineries February 2025 October 2026
Utilities December 2024 September 2025
Commercial Production- Solar Module Plant 31st July 2025
Commercial Production- Solar Cell Plant 30th April 2026
Commercial Production- Solar Ingot and Wafer 31st October 2026
Plant
*
The Company has leased the land for the Project pursuant to a lease agreement with IDCO dated June 24, 2024. The Company has
made an application to IDCO dated September 23, 2024 seeking IDCO’s consent to sublease the said land to the Project Company.

Considering the Company’s plans to construct four buildings at the new manufacturing facility. These building
are expected to be completed in a phased manner. Accordingly, installation and commissioning of the plant &
machineries shall also happen in a phased manner. Consequently, the commercial production shall also start in a
phased manner. However, the table above considers the timelines for completion of the entire Proposed Project.

Deployment of Estimated Costs

The proposed deployment of the of estimated costs towards the Proposed Project is as follows:
(in Rs. Million)

Total Year wise break-up of

Total amount Balance Utilisation from Net Proceeds
Estimated
estimated spent on amount to
utilisation
Particulars amount/ the Objects be Fiscal Fiscal Fiscal
from Net
expenditure as of incurred 2025 2026 2027
Proceeds
(A) August 31, (C=A-B)
2024 (B)
Cost of 90,499.59 1,466.70 27,750.00 2,750.00 20,000.0 5,000.00
Proposed 89,032.89 0
Project
General [] - [] [] [] [] []
corporate
purposes(1)
Total (1) [] 1,466.70 [] [] [] [] []
(1)
To be finalised upon determination of the Offer Price.

Key Approvals

16
Companies engaged in the manufacturing activities in India are regulated by various central, state & local
legislations. Additionally, functioning of these units requires the sanction of concerned authorities, at various
stages, under relevant legislations and local laws. With respect to the Proposed Project, the Company would be
required to obtain approvals from certain governmental and local authorities, an indicative list of which is
mentioned below:

Stage at which the Status of the

Sr. Approving Authority and
Approval Description approval is approval
No. Department
required
1. Lease of land * Gram Panchayat / Prior to Completed
Concerned Local commencement of
Authority civil works
2. Environmental Clearance Central Pollution Control Prior to To be applied for at
from Ministry of Board commencement of the appropriate stage
Environment, Forest, and civil works
Climate Change
3. Consent to Establish Odisha State Pollution Control Prior to To be applied for at
Board commencement of the appropriate stage
civil works
4. Approved factory layout Gram Panchayat / Concerned Prior to To be applied for at
plan Local Authority commencement of the appropriate stage
civil works
5. License to work a Factory, Directorate of Industrial Safety Upon completion of To be applied for at
as per Factories Act, 1948 and Health, Odisha State civil works and prior the appropriate stage
to commencement of
commercial production
6. Import Export Code (IEC) Directorate general of foreign Prior to undertaking To be applied for at
trade, Ministry Commerce, and export of goods the appropriate stage
industry
7. Manufacturing and Other Director General of Foreign Prior to To be applied for at
Operations in Warehouse Trade commencement of the appropriate stage
Regulations / Export commercial production
Promotion Capital Goods
scheme
8. Approval for usage of Electricity Board / State Power During the period of To be applied for at
Power required for Distribution Agency construction the appropriate stage
construction as well as
operation
9. Drawing Approval for Chief Electrical Inspector, During the period To be applied for at
Electrical Installation Odisha of construction the appropriate stage
10. Approval for load Chief Electrical Officer During the period of To be applied for at
connection at substation construction the appropriate stage
11. Approval for usage of Water Resources Department During the period of To be applied for at
water required both during construction and the appropriate stage
construction and operation subsequently during
the period of
commercial operation
12. Raw Water Cross-Country IDCO During the period of To be applied for at
Pipeline commercial operation the appropriate stage
13. Building Plan Approval Town & Country Planning Prior to To be applied for at
Department commencement of the appropriate stage
civil works
14. Fire NoC Odisha Fire Service Prior to To be applied for at
Department commencement of the appropriate stage
commercial
production
15. Building and Construction Directorate of Industrial Safety During the period of To be applied for at
Workers Registration and Health, Odisha State construction the appropriate stage
16. Consent to Operate Odisha Pollution Control Upon completion of To be applied for at
Board construction and the appropriate stage
before commercial
production
17
 17. License to store and handle Petroleum & Explosives Safety During the period of To be applied for at
Hazardous substances Organization (PESO)/ Ministry commercial operation the appropriate stage
of Commerce & Industry
18. Insurance under Public Directorate of Factories – During the period of To be applied for at
Liability Insurance Act, Labour department commercial operation the appropriate stage
1991
*
The Company has leased the land for the Project pursuant to a lease agreement with IDCO dated June 24, 2024. The Company has made an
application to IDCO dated September 23, 2024 seeking IDCO’s consent to sublease the said land to the Project Company.

Taking into consideration the experience of the Company, and the team which is involved in the Proposed Project,
the Company is well placed to apply for and get the required approvals/ licenses/ certifications for the Proposed
Project.

18
 CHAPTER 6 – CONCLUSIONS & RECOMMENDATIONS

Oriens Advisors LLP has assessed the cost estimates of the Proposed Project for reasonableness and fairness based
on the following:

 Specifications provided
 Proposals invited by the Company and the Budgetary (non-negotiated) Quotations/ Proposals received
from vendors with the scope of work
 Similar manufacturing facilities commissioned by the Company
 Basic engineering for the project
 Clarifications and representations provided by the Company
Oriens confirms that all budgetary quotations/ proposals invited by the Company are related to first hand and
brand-new machines/ equipment.
For the Building Construction and Civil Works, the Company has invited and received turnkey quotations.
Goods and Service Tax for quotations received from domestic vendors and service providers are based on the
current applicable rates of 18% and 28%. Goods and Service Tax and Customs Duty have not been considered
for imported equipment as Waaree proposes to avail benefits under Manufacturing and Other Operations in
Warehouse Regulations (MOOWR) / Export Promotion Capital Goods (EPCG) scheme of the Government of
India scheme for export goods. Goods and service tax on import of Services have been considered at 18% grossed
up for withholding tax
The Company proposes to procure insurance for those goods which have been quoted without insurance. The cost
of insurance has been estimated and included in the miscellaneous as they are negligible compared to the overall
cost.
Certain quotations have been received without freight charges. They have been excluded as they constitute a
minimal percentage of overall costs.
Oriens has only referenced the signed budgetary quotations and proposals for technical specifications of the
capital expenditure programme and timelines for implementation schedules but does not opine on any other
conditions of the agreements.
Oriens Advisors estimates that the costs are fair and reasonable.

The implementation of the facilities is estimated to be completed in phases by Fiscal 2025, Fiscal 2026 and Fiscal
2027

Oriens does not have expertise in the laws relating to approvals required and based on experience the list of
approvals specifically required for setting up the plants is given.

Based on the detailed discussions with various senior level personnel, Oriens Advisors LLP is of the opinion that
Waaree Energies Limited is capable of executing the Proposed Project within the estimated cost and within the
desired timelines.

Yours faithfully,

Oriens Advisors LLP

Membership No.: LLP IN: AAN 6288

Place: Mumbai
Date: October 07, 2024

19
 Appendix I

1. Land:

The Company has received an allotment letter from Odisha Industrial Infrastructure Corporation, IDCO, an
undertaking of the Government of Odisha, dated 7th September 2023 and allotment letter dated 9th October, 2023,
regarding allotment of the above land admeasuring 595.390 acres The details of the land allotted to the Company
are as follows:

Sr. No. Name of Village, Tehsil Present Area (Acres)

1. Bandhunuagaon, Dhenkanal 478.65
2. Ambakhal, Gondia 53.01
3. Chhatia, Gondia 63.73
4 Total 595.39

The land has been allotted for a period of 76 years under lease.

As per the terms of the letter of allocation, Waaree is required to make the following payments

Sr. No. Description Rs. Million

1. Land Rate 1,240.09
2. IDCO Administration Charges 124.01
3. Annual Rent 21.70
4. Total 1,385.80

Waaree has made following payments to IDCO

Sr. No. Description Rs. Million

1. Land Rate 1,240.09
2. IDCO Administration Charges 124.01
3. Annual Rent 21.70
4 Total 1,385.80

20
 Appendix II

2. Consultancy:

2.1. Basic Engineering

2.1.1. Scope
Design Consultancy for all facilities and Utilities including concept design, basic design, detailed design,
Owners Engineer during procurement, execution and commissioning and as built drawing

2.1.2. Waaree has received quotation from Suhua construction Group Co. Ltd for the above scope as follows

Description Design Consultancy

Vendor Suhua construction Group Co. Ltd
Date of Quotation 31st May 2023
Validity of Quote 31st December 2024
Price. USD 2.80 Million
Taxes and Duties USD 0.56 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost USD 3.36 Million
Total Cost INR 275.52 Million

2.1.2

Description Vastu Consulting

Vendor Sarang Archibuild
Date of Purchase Order 12th July 2024
Price. INR 3.5 Million
Taxes and Duties INR 0.63 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 4.13 Million
Total Cost INR 4.13 Million

2.1.3 Providing Services for carrying out Hydrology Study, Surface Water Assessment, Ground Water
Assessment and Flood Analysis (HSGF) for proposed development at ODISHA for Wafer, Solar Cell and Module

Description HSGF Service

Vendor CADD Consulting Engineers Private Limited
Date of Purchase Order 17th July 2024
Price. INR 3.03 Million
Taxes and Duties INR 0.54 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 3.57 Million
Total Cost INR 3.57 Million

2.2. Detailed engineering for the entire plant

2.2.1. Scope of work shall include

The scope of work of the Consultant broadly covers, to provide Engineering Design Services to Sangam

21
 for the Project as specified in the Annexure A annexed to this Contract (collectively, the "Services"). The
Project includes all buildings and systems that are related to process production and power including but not
limited to ingot workshop, wafer workshop, cell workshop, modules workshop, supporting raw material
warehouse, finished product

2.2.2. Waaree has placed Order for the above scope on The IT Electronics Eleventh Design & Research
Institute Scientific and Technological Engineering Co. Ltd.as follows

Description Engineering Design Ingot Wafer Plant

Vendor The IT Electronics Eleventh Design & Research Institute Scientific and
Technological Engineering Co. Ltd.
Date of Purchase Order 11th July 2024
Price. USD 1.00 Million
Taxes and Duties USD 0.20 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost USD 1.20 Million
Total Cost INR 98.40 Million

2.3. Detailed engineering for Cell Manufacturing plant

2.3.1. Waaree has placed Order for the above scope on The IT Electronics Eleventh Design & Research
Institute Scientific and Technological Engineering Co. Ltd.as follows:

Description Engineering Design for Solar Cell

Vendor The IT Electronics Eleventh Design & Research Institute Scientific and
Technological Engineering Co. Ltd.
Date of Purchase Order 11th July 2024
Price. USD 1.30 Million
Taxes and Duties USD 0.26 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost USD 1.56 Million
Total Cost INR 127.92 Million

2.4. Detailed engineering for Module Manufacturing plant

2.4.1. Waaree has placed Order for the above scope on The IT Electronics Eleventh Design & Research
Institute Scientific and Technological Engineering Co. Ltd.as follows
2.4.2.
Description Engineering Design
Vendor The IT Electronics Eleventh Design & Research Institute Scientific and
Technological Engineering Co. Ltd.
Date of Purchase Order 11th July 2024
Price. USD 0.40 Million
Taxes and Duties USD 0.08 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost USD 0.48 Million
Total Cost INR 39.36 Million
*rounded to second decimal

2.5. Other Complementary Services

22
 Waaree has placed Order for the above scope on The IT Electronics Eleventh Design & Research Institute
Scientific and Technological Engineering Co. Ltd.as follows

Description Engineering Design

Vendor The IT Electronics Eleventh Design & Research Institute Scientific and
Technological Engineering Co. Ltd.
Date of Purchase Order 11th July 2024
Price. USD 1.00 Million
Taxes and Duties USD 0.20 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost USD 1.20 Million
Total Cost INR 98.40 Million

2.6. Detailed engineering for Mechanical Electrical and Plumbing ( MEP),

2.6.1. Scope
Design & Engineering consultancy for Mechanical Electrical Plumbing
2.6.2. Waaree has received quotation from Avant Garde Cleanroom & Engg. Solutions Pvt. Ltd.
for the above scope as follows

Description Engineering Design for MEP

Vendor Avant Garde Cleanroom & Engg. Solutions Pvt. Ltd.
Date of Quotation 2nd December 2023
Validity of Quote December 2024
Price. INR 22.50 Million
Taxes and Duties INR 4.05 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 26.55 Million

2.7. Project Management consultancy

2.7.1. Scope
2.7.1.1. Technology & Capital Equipment Sourcing
2.7.1.2. Assessment of Vendor ecosystem
2.7.1.3. Procurement Support Services
2.7.1.3.1. Organization structure and capability development plans
2.7.1.3.2. communication/coordination among project stakeholders
2.7.1.3.3. Project readiness assessment & development of execution methodologies
2.7.1.3.4. Project Approvals / Clearances / Permits submissions
2.7.1.3.5. Regulatory support for benefit realisation

2.7.2. Cost
Waaree has issued Purchase Order to Tata Consulting Engineers Limited (TCEL) on fixed cost lump sum and
manpower deployment basis. Based on the price quoted and estimated man hours, quoted by TCEL Waaree has
estimated the total cost as follows

Description Project Management Consultancy

Vendor Tata Consulting Engineers Limited (TCEL)
Date of Purchase Order 10th July 2024
Total INR 165.00 Million
Taxes and Duties INR 29.70 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 194.70 Million
23
 Appendix III

3. Civil Works

3.1. Scope of Civil Works

3.1.1. Civil Works comprises entire site development and Infrastructure Works and construction of Buildings
- Main Sheds, Substation, Gas Station, Waste Recovery System, Ware Houses, Storage, Store,
Workshop, and Other Plant Areas

3.1.2. The detailed area to be developed are as follows:

Sl No Description Unit Floor Area - Sqft

A Buildings - Main Sheds
6 GW Ingot and Wafer 1 1/2/3. 5,68,106
6 GW Ingot Part (RCC + PEB)
6 GW Cell Line 1 1/2. 7,12,742
6 GW Module Line 1 1/2. 7,43,301
20,24,150
B Substation
110 KVA Substation 1,63,982
1,63,982
C Gas Station
Argon Recovery 1,17,467
Special Gas Room 1 3,723
Hydrogen Station 3,723
Ammonia 8,780
Air Separation Nitrogen Station 1 29,396
Hydrogen Production Workshop 1,97,134
3,60,223
D Substation
ETP 1 3,02,173
Desulfurization &
Denitrification 11,190
Kangen Water System 87,156
Fire Pool 1 2,34,611
6,35,131
E Ware Houses
1 11,621
2 6,886
3 10,330
Chemical Ware Houses
4 7,102
5 10,330
6 10,330
1 93,160
Utility Station
2 2,02,686
1 3,723
Silane Station
2 3,723
Ware House 1,60,184
Silicon Raw Material 3,98,981
9,19,055
F Storage
24
 Hazardous Waste Storage 12,202
Solid Storage Recyclable 12,202
1 30,279
2 12,202
Waste Store
3 10,975
4 66,239
Chlorosilane Tank 1,74,118
3,18,216
G Store
Wafer Store 8,11,153
Cell Store
Module Store
8,11,153
H Other Plant Areas -
Office Building 5 2,15,200
Canteen 2 80,700
Infirmary 16,140
1 355
2 355
3 355
Guard Rooms
4 355
5 355
6 355
Hostel & Guest Houses 75,000
Site Development &Infra Works 3,14,170
J Internal Roads 1,30,000
Parking Area & Garden 5,22,720
Drainage System Internal 150000 RFT
Drainage System External 46000 RFT

3.2. Waaree has invited budgetary quote from on sum turkey basis contract with Desai Construction Pvt Ltd. for
setting up of the infrastructure facilities as mentioned above.

Description Entire Civil Works

Vendor Desai Construction Pvt Ltd
Date of Quote 24th November 2023
Validity of Quote 31st December 2024
Lump sum Turnkey Price INR 8,759.65 Million
Taxes and Duties INR 1,576.74 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 10,336.39 Million

3.3. Waaree has invited quotations from on sum turkey basis contract with Desai Construction Pvt Ltd. for land
levelling estimated at 19.15 million cu meters .

Description Site Developments

Vendor Desai Construction Pvt Ltd
Date of Quote 24th November 2023
Validity of Quote 31st December 2024
Lump sum Turnkey Price INR 440.40 Million
Taxes and Duties INR 79.27 Million
25
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 519.67 Million

26
 Appendix IV

4. Machineries:

The machines proposed to be procured are for 384 nos . of Ingot manufacturing, 12 nos. of Cell Manufacturing
Lines and 12 nos of Module Manufacturing Lines

4.1. Ingot and Wafer Plant comprising

4.1.1. Main Plant comprising

4.1.1.1. Scope

Sr.No. Description Quantity

1 Si cleaner system including Si cleaner system including： 1
1. the automatic silicon cleaning machine of square basket type
2.the automatic silicon cleaning machine of rotary type
3. the edge pre-cleaning machine
4.CDS acid supply system
5. the manual cleaning machine
2 Si crusher line including Si crusher line includes: 2
1. the crusher
2. the screen machine
3. the magnetic separator
3. Crystal Grower 384
Crystal grower supply scope includes:
1. the main machine
2. the cooling shield
3. the tungsten cables (1 pc/set)
4. the controlling system and operation interface
5. IGBT power supply
6. UPS
7. Filter
8. Vacuum pump (Main & auxiliary)
4. Hot Zone 384
5. Extension Chamber 384
6 automation, shaping 1
7 Single Diamond Wire Cropper 5
8 Multi Diamond Wire Cropper 4
9 Diamond Wire Squarer 14
10 Grinder 24
11 gluing automation 1
12 slicing automation 1
13 Diamond Wire Slicer 66
14 Degluing 4
15 Brick Holder Cleaner 6
16 Wafer singulator & Cleaner 13
17 Wafer Sorter 13

4.1.1.2. Waaree has received budgetary quote from Linton Technologies Group for supply as follows

Description Wafer Manufacturing Plant

27
 Vendor Linton Technologies Group
Date of Quotation 12th October 2023
Validity of Quote 31st December 2024
Price. USD 186.35 Million
Taxes and Duties* USD 0.00 Million
Freight Not Included
Insurance Not Included
Total Cost USD 186.35 Million
Total Cost INR 15,280.37 Million
*Exempted under MOOWR/ EPCG scheme

4.1.2. Wafering Equipment

4.1.2.1. Waaree has received budgetary quote from Qingdao Gaoce Technology Co. Ltd. for supply as
follows

Description Wafering Equipment

Vendor Qingdao Gaoce Technology Co. Ltd.
Date of Quotation 30th May 2024
Validity of Quote 30th May 2025
Price. USD 52.60 Million
Taxes and Duties USD 0.00 Million
Freight Excluded
Insurance Excluded
Total Cost USD 52.60 Million
Total Cost INR 4,313.22 Million

4.1.3. Laboratory Equipment

4.1.3.1. Scope
4.1.3.1.1. Turnkey supply of laboratory equipment comprising Fully integrated Workstation is a
fully integrated solution (Nos 4) , Laser Depaneling System with Accuracy: 50 μm, System
Repeatability: 20 μm (Nos 4), Fully automatic continuous downfeed grinding machine -
Output : 2.5--7.5 tons/24 hours (Nos 3), Automatic handling, inspection and wafer sorting
system with 00 MHz Bandwidth Pulser/Receiver for transducers from 100 to 400 MHz
Nos 4, Acoustic Microscope Nos 6, Supporting Accessories and movable furniture

4.1.3.2. Waaree has received budgetary quote from Global Marketing Services.for supply as follows

Description Supply, Installation, Commissioning & Site Acceptance Test of

Laboratory Equipment
Vendor Global Marketing Services
Date of Quotation 11th December 2023
Validity of Quote 31st December 2024
Price. INR 400.00 million
Taxes and Duties INR 72.00 million
Freight Included
Insurance Included
Total Cost INR 472.00 Million

28
4.2. Cell Manufacturing Plant
4.2.1. Main Plant
4.2.1.1. Scope : Supply of Main Plant

Qty.
Process No. Name
Set
Mono Texturing Equipment
1 8
H2O2, 720wafers/Carrier, 17baths
Texturing
Wafer Loader/Unloader
1.1 8
Incl. wafer breakage detector
Boron Diffusion
2 13
LP Boron 6 tubes, 2880pcs/boat for 182
Diffusion Wafer Handling System for Diffusion
2.1 13
(Inline, 1 by 1)
SE Laser 3 SE Laser with Automation 14
Boron Diffusion
2nd Boron 4 16
6 tubes, 2880pcs/boat for 182
Diffusion Wafer Handling System for Diffusion
(Annealing) 4.1 16
(Inline, 1 by 1)
5 6+6 lanes BSG removal 10
Alkaline Polishing
Etching& 5.1 10
H2O2, 480wafers/Carrier
Backside
Wafer Loader/Unloader for BSG
Polishing 5.3 10
with Transfer Robot
5.4 Wafer Unloader for Bath Polish 10
PECVD-Poly
6 18
6 tubes, 768pcs/boat for 182
PE-Poly
Wafer Handling System for PECVD
6.1 18
for 768pcs/boat
LP Annealing Equipment
7 13
6 tubes, 6 tubes, 2880pcs/boat for 182
LP Annealing
Wafer Handling System for Annealing
7.1 13
(Inline, 1 by 1)
8 6+6 lanes, PSG removal 10
RCA Cleaning
8.1 10
RCA for 20 baths, H2O2
Wrap Wafer Loader/Unloader for PSG
8.2 10
around with Transfer Robot
8.3 Wafer Unloader for Bath RCA 10

PEALD PECVD
9 27
(AIOx, 6 tubes,768pcs/boat for 182
Si3N4), Wafer Handling System for PECVD
9.1 27
Front Side for 768 pcs/boat
PE PECVD
10 15
(Si3N4), 6 tubes, 768pcs/boat for 182

29
 Rear Side Wafer Handling System for PECVD
Passivation 10.1 15
for 768pcs/boat

Pre-coating 11 Pre-coating for graphite boat 4

Print line
12 4xPrinter, 3xDryer, Firing, Tester and Sorter 12
Metallization IV/AOI/EL included

12.1 Offline Tester 3

13 Graphite Boat Cleaning 5
14 PE-poly Graphite Boat Cleaning 2

15 Oven hood 21
16 Quartz Boat Cleaning 2
Auxiliary
17 Quartz Tube Cleaning 1
Equipment
18 Rework Wafer Cleaning Equipment 2
19 Carriers Cleaning (Manual) 1
20 Carriers (PVDF, Wet bench) 12600
21 Carriers (PP, Transfer) 7200

4.2.1.2. Waaree has received budgetary quote from Shenzhen S.C New Energy Technology
Corporation for supply as follows

Description Equipment
Vendor Shenzhen S.C New Energy Technology Corporation
Date of Quotation 05th May 2023
Validity of Quote 31st December 2024
Price. USD 212.03 Million
Taxes and Duties USD 0.00 Million
Freight Not Included
Insurance Not Included
Total Cost USD 212.03 Million
Total Cost INR 17,386.46 Million

4.2.2. Installation, Commissioning

4.2.2.1. Scope comprises Installation and commissioning of following equipment

No. Name of Equipment Qty

1 Mono Texturing 8
2 Loader & Unloader for Texturing 8
3 Boron Diffusion + 2nd Boron Diffusion 29
4 Quartz Boat Automation (1by1) 29
5 SE Laser with Automation 14
6 BSG Removal 10
7 Wafer Load/Unload + Wafer unloader for Bath Polish 10
8 Alkali Polishing 10

30
 9 PECVD-Poly 18
10 Graphite Boat Automation 18
11 LP Annealing Furnace 13
12 Quartz Boat Automation (1by1) 13
13 PSG Removal 10
14 RCA Cleaning 10
15 Wafer Load/Unload + Wafer unloader for Bath RCA 10
16 Front PEALD (AI2O3, + Si3N4) 27
17 PECVD (Si3N4) + Pre-coating PECVD 19
18 Graphite Boat Automation 42
19 Print lines (incl. firing, sorter etc.) 12
20 Auxiliary Equipment 1

4.2.2.2. Waaree has received budgetary quote from Shenzhen S.C New Energy Technology
Corporation.for supply as follows

Description Installation & Commission

Vendor Shenzhen S.C New Energy Technology Corporation
Date of Quotation 05th May 2023
Validity of Quote 31st December 2024
Price. USD 5.00 Million
Taxes and Duties USD 0.90 Million
Freight Not Included
Insurance Not Included
Total Cost USD 5.90 Million
Total Cost INR 483.80 Million

4.2.3. Automated Guiding Vehicle (AGV) system

4.2.3.1. Scope of Supply

No. Name Qty

AGV solution (from Texturing till Metallization line)

 AGV vehicles (Ca. 150~165nos, Separated-type)

 Charge piles

 RCS+MCS Software
1 1
 RCS server

 UPS power

 Data storage

 WIPPackaging
Automatic storage line
2  Automation from Metallization line to package station 1

4.2.3.2. Waaree has received budgetary quote from Shenzhen S.C New Energy Technology Corporation for
supply as follows

31
Description AGV system + Automatic Packaging line
Vendor Shenzhen S.C New Energy Technology Corporation
Date of Quotation 05th May 2023
Validity of Quote 31st December 2024
Price. USD 12.95 Million
Taxes and Duties USD 0.00 Million
Freight Not Included
Insurance Not Included
Total Cost USD 12.95 Million
Total Cost INR 1,061.90 Million

4.2.4. Manufacturing Execution System ( MES system)

4.2.4.1. Scope

No. Name Qty

MES system for 6GW TOPCon line

 Just software system

1 1
 Excl. all hardware e.g. computer, laptop, cable, data server etc.

 For work order management, production management

4.2.4.2. Waaree has received budgetary quote from Shenzhen S.C New Energy Technology Corporation
for supply as follows

Description work order management, production management, quality

management and equipment management
Vendor Shenzhen S.C New Energy Technology Corporation
Date of Quotation 05th May 2023
Validity of Quote 31st December 2024
Price. USD 3.79 Million
Taxes and Duties USD 0.00 Million
Freight Not Included
Insurance Not Included
Total Cost USD 3.79 Million
Total Cost INR 310.78 Million

4.2.5. Turnkey Services

4.2.5.1. Scope: Designing , Consultation, After sales Service, Transfer of technology for
Cell Manufacturing Plant .

4.2.5.2. Waaree has received budgetary quote from Shenzhen S.C New Energy Technology
Corporation for Turnkey Services as as follows

Description Design, Consult, After Service, Transfer of technology etc

Vendor Shenzhen S.C New Energy Technology Corporation
Date of Quotation 05th May 2023
Validity of Quote 31st December 2024
Price. USD 5.58 Million
Taxes and Duties USD 1.00 Million
32
Freight Not Included
Insurance Not Included
Total Cost USD 6.58 Million
Total Cost INR 539.92 Million

4.2.6. Lab Equipment

4.2.6.1. Scope of Supply

Item Quantity
No.
（set）
1 Ultrasonic cleaner 4
3 Mixer (for sliver mixing ) 10
4 Counter for wafer 8
5 Electro-Thermostatic Water Cabinet 2
6 Temperature tester 2
7 Micro control heating table 2
8 Servo testing machine 3
Automatic standard 8 degrees of integral type suede reflectometer 8
9
10 P-N type Conductive 2
11 Roughmeter 2
12 Electronic balance 16
13 Electronic balance 16
14 Electronic balance 16
15 Electronic balance 16
16 Infrared thermometer 2
17 Metalloscope 4
18 CYGM 4
19 Infrared thermal image detector + EL 8
20 Hand-held laser dust particle counter 4
21 Hygrothermograph 10
22 Digimatic Micrometer 4
23 Slide caliper 4

24 Oven temperature tester 1

25 Conductivity tester 3
26 Ellipsometer 3
27 2D Microscope 2
28 3D Microscope 2
29 ECV Profiler 2
30 PL Tester 2
31 LID Tester 4
32 PID Tester 4
33 Contact Resistance Tester 4
34 QSSPC Lifetime tester 4
35 Edge Isolation Tester 4
36 Cell Bow Tester 4
37 Four-probe meter 8
38 Titration System 2
38 Offline GP solar Col Q camera System 6
39 Offline GP Solar Print Inspection 3

33
 Offline GP Solar Inspection tool for inspection of wafer backside for Wafer Size
175mm-210mm Compact Inspection system for print process control of solar cell to
check print and busbar positions, finger width and print quality like interrupts, paste
stains, knots and missing paste; incl. SPC features, finger width map and cumulative 4
defect overlay. Small Enhousing optimized for Integration direct in Printer, e.g.
Rotary Table. Consisting of: SE Housing with integrated power supply and Light
ONE Illumination Unit Camera Unit 12M ONE, Standard Cabling Set Compact
Industrial Inspection PC, 64 Bit
UDP/Ethernet Communication Windows 10, PRINT-Q ONE Software License
PRINT-Q ONE Recipe Standard for FS, RS, Bifacial
* * * AX: 260465 ONE SE Filter Set 12M

40 Software License for Rear Side Inspection

- for CELL-Q and PRINT-Q
41 - Support for Bifacial RS Busbar 4
- Added Support for Connected PV Server v2.3 - YieldViewer

4.2.6.2. Waaree has received budgetary quote from Zuvay Technologies Pvt Ltd.for
Laboratory equipment as follows

Description Solar Cell Characterisation Measuring Offline Tools

Vendor Zuvay Technologies Pvt Ltd.
Date of Quotation 28th August 2023
Validity of Quote 31st December 2024
Price. USD 3.15 Million
Taxes and Duties USD 0.00 Million
Freight Included
Insurance Included
Total Cost USD 3.15 Million
Total Cost INR 258.68 Million

4.3. Module Manufacturing Plant

4.3.1. Main Plant

4.3.1.1. Scope

Sr. NO. Details QTY

A1-1 Auto Glass Loader 12
A1-2 1 Axis CV with FAN 12
A1-3 First EVA cutting and placing machine 12
A1-4 2 Axis CV 12
A1-5 Buffer 12
A1-6 1 Axis CV for Manual Glass Loading 12
A1-7 1 Axis CV with passage 12
A1-8 Powered passage 12
A1-9 1 Axis CV 12
A1-10 Powered passage 12
A1-11 1 Axis CV 12

34
 A1-12 2 Axis CV 12
A1-13 Powered passage 12
A1-14 Buffer 12
A1-15 2 Axis CV 12
A1-16 Powered passage 12
A1-17 Buffer 12
A1-18 2 Axis CV 12
A1-19 Powered passage 12
A1-20 Buffer 12
A1-21 2 Axis CV 12
A1-22 Powered passage 12
A1-23 2 Axis CV 12
A1-24 Alignment CV 12

A1-25 1 Axis CV with passage 12

A1-26 2 Axis CV 12

A1-27 Manual Rotational Bussing CV 12

A1-28 Manual Bussing CV 12

A1-29 Manual Bussing CV 12

A1-30 Manual Rotational Bussing CV 12

A1-31 2 Axis CV 12

A1-32 1 Axis CV with passage 12

A1-33 2 Axis CV 12

A1-34 Buffer 12

A1-35 2 Axis CV 12

A1-36 2nd EVA cutting , punching and placing 12

A1-37 1 Axis CV 12

A1-38 Backsheet cutting , punching and placing 12

A1-39 1 Axis CV with passage 12

A1-40 Manual/Auto Rotation CV 12

A1-41 2 Axis CV 12

A1-42 1 Axis CV 12

A1-43 Glass Loader for G2G Panels 12

A1-44 1 Axis CV with Fan 12

A1-45 Alignment CV 12

A1-46 Gantry for Glass placement 12

A1-47 Alignment CV 12

35
 A1-48 Auto/Manual Rotation 12

A1-49 Auto/Manual Rotation 12

A1-50 1 Axis CV 12

A1-51 2 Axis CV 12

A1-52 Alignment CV 12

A1-53 1 Axis CV 12

A1-54 Buffer 12

A1-55 Powered passage 12

A1-56 2 Axis CV 12

A1-57 Alignment CV 12

A1-58 1 Axis CV 12

A1-59 Buffer 12
A1-60 Buffer 12
A1-61 Rework Glass Handler 12
A1-62 2 Axis CV 12
A1-63 Rework cv 12
A1-64 Rework cv 12
A1-65 Rework cv 12
A1-66 2 Axis CV with passage 12
A1-67 Rework Glass Handler 12
A1-68 Buffer 12
A1-69 2 Axis CV 12
A1-70 1 Axis CV with passage 12
A1-71 2 Axis CV 12
A1-72 Auto/Manual Rotation 12
A1-73 2 Axis CV 12
A1-74 1 Axis CV with passage 12
A1-75 2 Axis CV 12
A1-76 1 Axis CV with passage 12

A1-77 2 Axis CV 12

A1-78 1 Axis CV with passage 12

B1-1 2 Axis CV 12

36
 B1-2 1 Axis CV 12

B1-3 Powered passage 12

B1-4 Powered passage 12

B1-5 2 Axis CV 12

B15 Powered passage 12

B1-6 1 Axis CV with passage 12

B1-7 Powered passage 12

B1-8 Powered passage 12

B1-9 Buffer 12

B1-10 Auto/Manual Rotation 12

B1-11 Auto Trimming 12

B1-12 90 Deg flip and Inspection 12

B1-13 90 Deg flip and Inspection 12

B1-14 Auto/Manual Rotation 12

B1-15 2 Axis CV 12

B1-16 1 Axis CV 12

B1-17 Frame Handler 12

B1-18 Auto Framing Machine 12

B1-19 2 Axis CV 12

B1-20 Jbox fixing CV 12

B1-21 Jbox Soldering CV 12

B1-22 Auto /Manual Rotation 12

B1-AP Auto Potting CV 12

B1-23 1 Axis CV 12

B1-24 2 Axis CV 12

B1-25 1 Axis CV with passage 12

37
 B1-26 Alignment CV 12

B1-27 Curing Loader 12

B1-29 Curing Unloader 12

C1-1 1 Axis CV 12

C1-2 1 Axis CV 12

C1-3 Buffer 12

C1-4 Auto Corner filing 12

C1-5 Manual Cleaning CV with passage 12

C1-6 2 Axis CV 12

C1-7 1 Axis CV with passage 12

C1-8 2 Axis CV 12

C1-9 180 Deg flp 12

C1-10 Manual Cleaning CV 12

C1-11 IV Tester CV 12

C1-12 180 Deg flp 12

C1-13 1 Axis CV 12

C1-14 HI Pot tester CV 12

C1-15 HI Pot tester CV 12

C1-16 Auto/Manual Rotation 12

C1-17 2 Axis CV 12

C1-18 1 Axis CV with passage 12

C1-19 2 Axis CV 12

C1-20 Auto/Manual Rotation 12

C1-21 360 degree flip inspection unit 12

C1-22 Auto/Manual Rotation 12

C1-23 Alignment CV 12

C1-24 Vertical sorting unit with vision system ( 5 12

bins)

Control System
FUNCTIONAL AND OFFLNIE MACHINES
A-L Battery string automatic laying machine 42

38
 A-B Three-in-one half-piece convergent belt 18
soldering machine
A-T Automatic tape pasting machine 18

A-GS Double glass automatic edge sealing machine 12

A-EL1 EL Tester 12

A-EL2 EL Tester 12

B2-JB Automatic soldering machine of junction box 12

C2-EL3 EL Tester 12

B1-LM Laminator JCCY-2774-DST-CP 24

B1-32 Curing Line 12

C1-L Automatic labeling machine 12

C1-C Auto Corner cap insert 12

OF-1 MES 12

OF2 Bus strip cutting machine 12

OF-3 Glue machine Nozzle 800

400
O Laminated Template
4
O CELL Tester
O Laptop 6
F
O Two-component glue machine 12
F Frame and junction box gluing machine 12
O
O with
HiPotone support and two supplies
Tester 24
F 1200
OF Testing Jigs
1
O Spares
Third Party Machines

T Automatic Stringer MBB 4

2
T IV tester 1
2

S.no. Equipment Description

1 Full Automatic Turnkey Module Production line

2 Installation and commissioning

3 Ramp up support and onsite training

39
 4 12 months on site support (Direct costs excluded)
5 Export Packing

4.3.1.2. Waaree has obtained Budgetary Quotation from Jinchen Machinery Co. Ltd. for
the above scope

Description Automation Line

Vendor Jinchen Machinery Co. Ltd.
Date of Quotation 3rd October 2024
Validity of Quote 1st January 2025
Price. USD 34.20 Million
Taxes and Duties USD 0.00 Million
Freight Not Included
Insurance Not Applicable
Total Cost USD 34.20 Million
Total Cost INR 2,804.40 Million

4.3.2. Multi Bus Bar (MBB) Photo Voltaic cell soldering stringer
4.3.2.1. Scope

Item Content Description Q'ty Notes

BB Speed Third-cut cells:

Tab&Stringer 6600-68000 cells/h
soldering Speed Half-cut cells:
machine (Dual 6600-6800cells/h
1 MBB PV Cell Soldering track) 36 Speed full cell: 3000-
Stringer AM05FS With 10BB 1/2 kit 3200 cells/h
With micro gap tool Cell size: 156mm to 230mm cells
With Connected Remark: this offer include only 10BB kit
NDC 1/2 cell Wood with machine, any additional kit will
package for sea come with additional cost, see options
transport below;
Connected NDC cell cutter with
Thermal
EL Image stress technology.
display For 1/2 will
only. Operator
2 String EL Inspection Dual track EL 36 need to classify the images. ATW will
system provide a free of charge AI for
classification but needs to be tested
before any commitments.

3 extended warranty for extra 12 months 36

24 months warranty

To process 9BB half Each tool kit will be compatible for one
4 9BB Half Cell Kit M10 cell 36 BusBar pitch for only one cell size. If
cell Busbar pitch or cell size changes then
new kit is needed.
To process 16BB Customer should also order item SMBB
5 16BB Half Cell Kit half cell 36 UPGRADE.
Each tool kit will be compatible for one

40
 additional parts and This option will allow the machine to
6 Negative Cell Gap jig for negative cell 36 enable or disable negative cell gap, -
gap 1mm. (cell edge will be overlapped)

Install, Set up,

Ramp up, Includes 2 engineers for a period of 70
7 Setup installation fee Commissioning 1 days on side each engineer. Air flight
and production ticket and travel expenses like
sustain transportation, hotel and meals are not
to process triangular To run sectioned triangular/flat ribbon.
8 Triangular Ribbon ribbon 1 On sunny side ribbon will be triangular
and on bottom side ribbon is flart.
step down Customer needs to
ATW equipment on provide
380V. Ifthe ribbon
customer
9 Power transformer for transformer to 380V 1 voltages does not match then this
380V option is needed.

4.3.2.2. Cost

Description Multi Bus Bar Photo Voltaic cell soldering stringer Machine
Vendor Wuxi Autowell Supply Chain Management Co. ,Ltd
Date of Quotation 05th March 2023
Validity of Quote 31st December 2024
Price. USD 13.08 Million
Taxes and Duties USD 0.00 Million
Freight Not Included
Insurance Not Included
Total Cost USD 13.12 Million
Total Cost INR1076.00 Million

4.3.3. Sun Simulator

4.3.3.1. Scope of Work
4.3.3.1.1. Design, Engineering, Supply, Installation, Commissioning and Site
Acceptance Test of A+A+A+ Sun Simulators used for PERC & TopCon
Solar Module manufacturing.
4.3.3.1.2. Tester (Dark room ladder)
4.3.3.1.3. Electrical capacitor box
4.3.3.1.4. Electrical control box
4.3.3.1.5. IR temperature sensor
4.3.3.1.6. Label printer
4.3.3.1.7. Software and OS in English language
4.3.3.1.8. PC, Display screen, mouse, keyboard
4.3.3.1.9. installation tool
4.3.3.1.10. 1year Warranty and free spare replacement

4.3.3.2. Cost

Description Sun Simulator

Vendor Gsolar Power Co. Ltd
Date of Quotation 27th August 2024
Validity of Quotation 26th February 2025

41
 Price USD 0.58 Million
Taxes and Duties USD 0.00 Million
Installation and Commissioning Included
Freight Included
Insurance Included
Total USD 0.58 Million
Total USD 0.58 Million
Basis of Price INR 47.64 Million

4.3.4. Laboratory Equipment

4.3.4.1. Sun Simulator Equipment

4.3.4.2. Waaree has obtained budgetary quotation from Pasan SA for supply of Sun
Simulator

Description Pasan SA
Vendor 28th August 2023
Date of Agreement 31st December 2024
Validity of Agreement CHF 0.43 Million
Price CHF 0.00 Million
Freight Not Included
Insurance Not Included
Total CHF 0.43 Million
Total INR 39.82 Million
*CHF/INR =93.58

4.3.5. Balance Laboratory Equipment

4.3.5.1. Scope of Supply

1 Bending Tester 1
2 Non uniform snow load tester 1
3 Cyclic/TC-HF chamber (Type 1) 4
4 Electricity Continuity Testing System cabinet 4
5 Damp heat chamber (Type 2) 3
6 PID chamber 3
PID Testing System cabinet with voltage & leakage
7 3
current
8 LeTID Chamber (Type 2) 2
9 Electrical continuity system for Letid 2
10 UV preconditioning chamber 3
11 Programmable withstand voltage insulation tester 1

3 in 1Insulation withstand voltage tester（Insulation test

12 ，Wet leakage current test，Continuity test of 2
equipotential bonding）

13 Wet leakage test setup with Water Tub 1

14 Mechanical load test equipment 1
15 Hail tester 1
16 Robustness termination test setup 1
17 Salt mist test chamber 1

42
 18 Bypass diode test setup 2
19 Cut susceptibility tester (car+weight) 1
20 Sharp edge tester 1
21 Accessibility tester 1
22 Impulse voltage generator 1
23 Ignitability tester 1
24 Reverse current overload test setup 1
25 Module breakage test setup 1
26 Digital Torque Wrench 2
27 Peel tester 1
28 Lap shear strength test setup 1
29 Insulation thickness measuring equipment 1

30 Mechanical load test equipment（Sand pressure） 1

4.3.5.2. Waaree has obtained budgetary quote from China Testing & Certification
International Group co Ltd. for the above scope

Description Module Laboratory Equipment

Vendor China Testing & Certification International Group co ltd
Date of Quotation 1st September 2023
Validity of Quote 31st December 2024
Price. USD 1.87 Million
Taxes and Duties USD 0.00 Million
Freight Not Included
Insurance Not Included
Total Cost USD 1.87 Million
Total Cost INR 153.34 Million

43
 Appendix V

5.0. Utilities:
5.1. Scope of Work Comprises utilities for
5.1.1. Main Ingot and Wafer plant,
5.1.2. Cell Plant, and
5.1.3. Module Manufacturing plant

5.2. Utilities for Main Ingot and Wafer plant

5.2.1. turnkey design and supply solution for the following for Ingot Fabrication Facility and Wafer
Production Line
5.2.1.1. Argon Recovery System + Argon - 90 Lot + Liquid Storage
5.2.1.2. Chemical Distribution Unit ( 5 System) + Piping
5.2.1.3. Chillers Centrifugal (7W+1ST)
5.2.1.4. Compressor -(3W+1st)+Dryer + Receiver + Piping
5.2.1.5. Diesel Generator Sets
5.2.1.6. DI Water
5.2.1.7. Electrical including Ingot & Wafer (Both for Main Tools and Utilities) + Design
Development Services
5.2.1.8. ETP + Recycling System
5.2.1.9. Exhaust and Scruber
5.2.1.10. HVAC AHU+ Ducting+Piping
5.2.1.11. PCW for pullers 4 System
5.2.1.12. Process Water -1, Room Temp
5.2.1.13. Pump House+ Cooling Towers
5.2.1.14. RO + EDI

5.2.2. Waaree has obtained quotation for Design, Engineering and supply of Utilities for Ingot
and Wafer Line as follows

Description Design, Engineering and supply for Utilities for Ingot and Wafer Line
Vendor Zuvay Technologies Pvt. Ltd.
Date of Quotation 28th August 2023
Validity of Quote 31st December 2024
Price. INR 7,508.00 Million
Taxes and Duties INR 1,351.44 Million
Freight Not Included
Insurance Not Included
Total Cost INR 8,859.44 Million

5.3. Utilities for Cell Line

5.3.1. Scope of supply comprises following
5.3.1.1. Abatement System (Waste Gas) with Piping,
5.3.1.2. Chemical Delivery System,
5.3.1.3. Chemical Scrubber, Piping & General Exhaust,
5.3.1.4. Clean Room,
5.3.1.5. Compressed Dry Air & Piping,
5.3.1.6. Cooling Towers,
5.3.1.7. DI, ETP (Waste Water) & Piping,
5.3.1.8. Electrical including all - Lightings, earthing, cabling, site services, distribution panels,
HVAC, with piping,
5.3.1.9. Piping - PECVD Vacuum Pumps to Abatement System,
44
 5.3.1.10. Process Cooling Water with Chiller & Plate Heat Exchanger (PHE) Pumps,

5.3.2. Waaree has obtained budgetary quotations from various vendors for supply of various
Utilities as mentioned above

5.3.2.1. Abatement System (Wet Gas) with Piping,

Description Scrubbers for TOPCon Plasma Enhanced Chemical Vapor Deposition
(PECVD) Tools including Installation and commissioning and
Acceptance Tests and Vacuum piping from PECVD Pump outlet to
Scrubber Inlet
Vendor Kiansh International Technologies Pvt. Ltd
Date of Quotation 25th August 2023
Validity of Quote 31st December 2024
Price. USD 8.74 Million
Taxes and Duties USD 0.00 Million
Freight Not Included
Insurance Not Included
Total Cost USD 8.74 Million
Total Cost INR 716.99 Million

5.3.2.2. Chemical Delivery System

Description Supply & Installation of Chemical Delivery System including Clean

Coupling Booth, Chemical Distribution Modules, Chemical
Transportation Units, Tanks, Valve Manifold Boxes , Piping &
Accessories, Electricals, PLC, SCADA & Automation, Installation
Vendor Air Gas Electronic Materials India Pvt Ltd.
Date of Quotation 29th August 2023
Validity of Quote 31st December 2024
Price. USD 24.55 Million
Taxes and Duties USD 0.00 Million
Freight Included
Insurance.99 Included
Total Cost USD 24.55 Million
Total Cost INR 2,013.10 Million

5.3.2.3. Chemical Scrubber, Piping & General Exhaust

Description Scrubber Pipes and Ducting & insulations for Acid Exhaust,alkali
Exhaust, Silane Exhaust, Hot Gas Exhaust systemTreatment
Vendor Polyplast Chemi-Plants (I) Pvt Ltd, Vadodara
Date of Quotation 01st December 2023
Validity of Quote 31st December 2024
Price. INR 1,347.34 Million
Taxes and Duties INR 242.52 Million
Freight Included
Insurance Included
Total Cost INR 1,589.86 Million

5.3.2.4. Clean Room

45
Description a. Wall panels including 50 mm thick Progressive wall panels (20%
Non-Progressive), and Column and Wall Cladding Panels
b. Ceiling Panels including T-Grid Structure and Panels for Filter Fan
Unit Ceiling
c. Covings and d. Doors
Vendor P .M. Electro Auto Pvt Ltd
Date of Quotation 28thAugust 2023
Validity of Quote 31st December 2024
Price. INR 496.05 Million
Taxes and Duties INR 89.29 Million
Freight Included
Insurance Included
Total Cost INR 585.34 Million

5.3.2.5. Air Compressor, Dryer, Air Receiver Tank, Piping and Accessories, Installation &
Commissioning

Description Supply installation of Oil Free Compressor, Compression Dessicant

Dryer, 15,000 Ltr. Receiver Tank, Piping and Installation and
Commissioning
Vendor Atlas Copco Ltd.
Date of Quotation 9th August 2023, 10th August 2023, 1st December 2022, 25th August 2022,
Validity of Quote 31st December 2024
Price. INR 362.12 Million
Taxes and Duties INR 65.18 Million
Freight Included
Insurance Included
Total Cost INR 427.30 Million

5.3.2.6. Cooling Towers

Description 36 Nos Induced Draught Crossflow Cooling Towers with one Cell per
Tower for 750 Cubic metre per Hour Capacity each
Vendor Paharpur Cooling Towers Limited
Date of Quotation 25th August 2023
Validity of Quote 31st December 2024
Price. INR 107.62 Million
Taxes and Duties INR 19.37 Million
Freight Included
Insurance Not Included
Total Cost INR 126.99 Million

5.3.2.7. DeInonised Water, Effluent treatment Plant (Waste Water) & Piping
Description Effluent treatment plant with ZeroLine Discharge Cell Line Facility
Vendor Permionics Membranes Pvt. Ltd.
Date of Quotation 4th December 2023
Validity of Quote 31st December 2024
Price. INR 2,405.50 Million
Taxes and Duties INR 432.99 Million
Freight Not Included
Insurance Not Included

46
Total Cost INR 2,838.49 Million

5.3.2.8. Electrical including all - Lightings, earthing, cabling, site services, distribution panels
Description Supply, Installation, Testing and Commissioning of Electrical Works for
Ingot to Cell Manufacturing Project
Vendor S.K .Electricals
Date of Quotation 2nd December 2023
Validity of Quote 31st December 2024
Price. INR 1,300.00 Million
Taxes and Duties INR 234.00 Million
Freight Not Included
Insurance Not Included
Total Cost INR 1,534.00 Million

5.3.2.9. Heating Ventilation & Air Conditioning (HVAC) with piping

Description HVAC, with piping

Vendor Avant Garde Cleanroom & Engg. Solutions Pvt. Ltd
Date of Quotation 2nd December 2023
Validity of Quote 31st December 2024
Price. INR 2,240.93 Million
Taxes and Duties INR 403.37 Million
Freight Not Included
Insurance Not Included
Total Cost INR 2,644.29 Million

5.3.2.10. Piping - PECVD Vacuum Pumps to Abatement System

Description Abatement process Silane Exhaust line
Vendor Bangalore Vacuum Technology
Date of Quotation 02th September 2023
Validity of Quote 31st December 2024
Price. INR 41.05 Million
Taxes and Duties INR 7.39 Million
Freight Not Included
Insurance Not Included
Total Cost INR 48.43 Million

Description Piping between PECVD Vacuum Pumps and the Abatement System
Vendor Bangalore Vacuum Technology
Date of Quotation 02th September 2023
Validity of Quote 31st December 2024
Price. INR 72.19 Million
Taxes and Duties INR 13.00 Million
Freight Not Included
Insurance Not Included
Total Cost INR 85.20 Million

5.3.2.11. Process Cooling Water with Chiller & PHE Pumps

Description Supply of Process Cooling Water with Chiller & PHE Pumps Solar Cell
Line
Vendor Sterling Wilson Ltd.
Date of Quotation 2nd December 2023
47
 Validity of Quote December 2024
Price. INR 2800.00 Million
Taxes and Duties INR 504.00 Million
Freight Included
Insurance Included
Total Cost INR 3,304.00 Million

5.3.2.12. Special Gases Delivery System

Description Supply & Installation of Gas Delivery System
Vendor Air Gas Electronic Materials Pvt Ltd.
Date of Quotation 26th August 2023
Validity of Quote 31st December 2024
Price. USD 23.91 Million*
Taxes and Duties USD 0.00 Million
Freight Included
Insurance Included
Total Cost USD 23.91 Million
Total Cost INR 1960.80 Million
*rounded

5.4. Utilities for Module Line

5.4.1. Scope of Work comprises supply of Compressed Dry Air & Piping, Clean Room, HVAC with
Chillers, Exhaust Air System with Piping, Fire Safety System, Electrical Misc - Lightings,
earthing, cabling, site services

5.4.2. Cost
5.4.2.1. Clean Room
Description False Ceiling
Vendor Elegant Enterprise
Date of Quotation 29th August 2023
Validity of Quote 31st December 2024
Price. INR 58.20 Million
Taxes and Duties INR 10.48 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 68.68 Million

5.4.2.2. Compressed Dry Air & Piping

Description Compressed Dry Air & Piping System
Vendor S V Trendz
Date of Quotation 28th August 2023
Validity of Quote 31st December 2024
Price. INR 25.70 Million
Taxes and Duties INR 4.63 Million
Freight Not Included
Insurance Not Applicable
Total Cost INR 30.33 Million

5.4.2.3. Electricals
Description Supply and Installation Electrical low side works
Vendor Expel Prosys Pvt Ltd.
Date of Quotation 16th October 2023

48
Validity of Quote 31st December 2024
Price. INR 115.00 Million
Taxes and Duties INR 20.70 Million
Freight Not Included
Insurance Not Included
Total Cost INR 135.70 Million

5.4.2.4. Exhaust Air System with Piping

Description Heating Ventialtion and AirConditioning & PEX system
Vendor Shree HVAC Engineers
Date of Quotation 30th August 2023
Validity of Quote 31st December 2024
Price. INR 70.00 Million
Taxes and Duties INR 12.60 Million
Freight Not Included
Insurance Not Included
Total Cost INR 82.60 Million

5.4.2.5. HVAC with Chiller

Description HVAC & Crossed Linked Polyethylene (PEX) system

Vendor Shree HVAC Engineers
Date of Quotation 30th August 2023
Validity of Quote 31st December 2024
Price. INR 400.00 Million
Taxes and Duties INR 72.00 Million
Freight Not Included
Insurance Not Included
Total Cost INR 472.00 Million

5.4.2.6. Diesel Generator

5.4.2.6.1. For Ingot and Wafer

Description Supply, Installation and Commissioning of 2 x 1500 kVA Diesel

Generator Sets
Vendor Mahindra & Mahindra Ltd.
Date of Quotation 2nd December 2023
Validity of Quote 31st December 2024
Price. INR 25.53 Million
Taxes and Duties INR 4.60 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 30.13 Million

5.4.2.6.2. Cell Line

Description Supply , Installation & Commission of 6 x 1500 kVA Diesel Generator
Sets
Vendor Mahindra & Mahindra Ltd
Date of Quotation 02nd December 2023
Validity of Quote 31st December 2024
Price. INR 76.59 Million
Taxes and Duties INR 13.79 Million
Freight Not Included
49
Insurance Not Included
Total Cost INR 90.38 Million

5.4.2.6.3. Module Line

Description Supply, Installation and Commissioning 2 x 1500 kVADiesel Generator
Sets
Vendor Mahindra & Mahindra Ltd
Date of Quotation 02nd December 2023
Validity of Quote 31st December 2024
Price. INR 25.53 Million
Taxes and Duties INR 4.60 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 30.13 Million

5.4.2.7. Uninterrupted Power Supply (UPS) System

5.4.2.7.1. For Ingot and Wafer Line
Description Supply, Installation Commissioning of 3 X 3, 600 kVA, 415 V AC, 50
Hz Uninterrupted Power Supply System wiith 152 Nos 200 Ah batteries
with 15 min backup @ 650 kVA Load At 0.8 PF
Vendor Vertiv Energy Pvt. Ltd
Date of Quotation 31th August 2023
Validity of Quote 31st December 2024
Price. INR 8.51 Million
Taxes and Duties INR 1.80 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 10.31 Million

5.4.2.7.2. Cell Line

Description Supply, Installation and Commissioning of 3 X 3, 600 kVA, 415 V AC,

50 Hz Uninterrupted Power Supply System wiith 456 Nos 200 Ah
batteries with 15 min backup @ 650 kVA Load At 0.8 PF Ups System
Vendor Vertiv Energy Pvt Ltd
Date of Quotation 31st August 2023
Validity of Quote 31st December 2024
Price. INR 25.54 Million
Taxes and Duties INR 5.42 Million
Freight Not Included
Insurance Not Included
Total Cost INR 30.96 Million

5.4.2.7.3. Module Line

Description Supply, Installation And Commissioning of 3 X 3, 600 kVA, 415 V AC,
50 Hz Uninterrupted Power Supply System wiith 152 Nos 200 Ah
batteries with 15 min backup @ 650 kVA Load At 0.8 PF
Vendor Vertiv Energy Pvt. Ltd.
Date of Quotation 31st August 2023
Validity of Quote 31st December 2024

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 Price. INR 8.51 Million
Taxes and Duties INR 1.80 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 10.31 Million

5.4.2.8. Common Utilities

Scope: Supply of 4 Nos x 110 MVA Electrical Transformers
Description Electrical Infrastructure Main (Transformer, Transformer Substation,
Control Room, Switch gear Substation)
Vendor Ascent Engineers
Date of Quotation 1st December 2023
Validity of Quote 31st December 2024
Price. INR 1350.00 Million
Taxes and Duties INR 243.00 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 1,593.00 Million

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 Appendix VI
6.0. IT Infrastructure
6.1. IT infrastructure for Ingot and Wafer
6.1.1. Scope of work
6.1.1.1.Supply, Services and Implementation of Operational Technology (OT) network, Central
SCADA, ELVS, Central MES, PMS, BMS, MZ+DMZ packages
6.1.2.. Cost
Description for Central MES, Central SCADA, PMS, BMS, OT
Hardware and ELV Systems - 6GW Ingot and Wafer line
Vendor Honeywell Automation India Ltd.
Date of Quotation 29th November 2023
Validity of Quote 31st December 2024
Price. INR 370.00 Million
Taxes and Duties INR 66.60 Million
Freight Not Included
Insurance Not Included
Total Rs. 436.60 Millions

6.2. IT infrastructure for Cell Line

6.2.1. Scope of work
6.2.1.1. Supply, Services and Implementation of OT network, Central SCADA, ELVS,
Central MES, PMS, BMS, MZ+DMZ packages
6.2.1.2.Cost

Description Proposal for Central MES, Central SCADA, PMS, BMS, OT

Hardware and ELV Systems - 6GW Cell Line
Vendor Honeywell Automation India Ltd.
Date of Quotation 29th November 2023
Validity of Quote 31st December 2024
Price. INR 370.00 Million
Taxes and Duties INR 66.60 Million
Freight Not Included
Total Rs. 436.60 Millions

6.3. IT infrastructure for Module Line

6.3.1. Scope of work
 Design & Implementation of IT/OT Network & Backup
 Network Design
 Network Requirements Analysis: Requirements Analysis for Operations,
Maintenance, IT, and Engineering, requirements, manufacturing process flows,
interoperability requirements, functional zones, planned expansions, etc.
 Logical Design Elements
 Network Implementation
 Network Implementation Plan
 Network Hardware
 Switch Configurations
 Physical Infrastructure Installation Services
 Test Plan Development
 Commissioning, Start-up, and Acceptance Testing
 Network Design Package Updates
 The logical design drawings, VLAN schema, IP Addressing schema, and hardware
port maps will be updated to show the final as-built information.
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  Backup Software Implementation
 Hardware & Software

6.3.2. Cost

Description IT-OT Network and Cybersecurity solution

Vendor Rockwell Automation India Ltd.
Date of Quotation 9th August 2023
Validity of Quote 31st December 2024
Price. INR 48.10 Million
Taxes and Duties INR 8.66 Million
Freight Not Included
Insurance Not Included
Total Cost INR 56.76 Million

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 Appendix VII

7.0. Freight forwarding & Unloading, Handling and Erection :

Scope of Work includes Unloading , Handling, Move in and positioning along with Erection of
equipment and freight forwarding
7.1.0 Cost
7.1.1 Freight Forwarding and Clearance Charges for Ingot and Wafer equipment

Description Quotation For Freight Forwarding for Ingot and Wafer Equipment
Vendor Fast Logistics
Date of Quotation 26th August 2023
Validity of Quote 31st December 2024
Price. INR 323.99 Million
Taxes and Duties INR 58.32 Million
Freight Not Applicable
Insurance Not Included
Total Cost INR 382.30 Million

7.1.2 Freight Forwarding and Clearance Charges for Cell Line equipment
Description Quotation For Freight Forwarding for Cell Line equipment
Vendor Fast Logistics
Date of Quotation 26th August 2023
Validity of Quote 31st December 2024
Price. INR 283.94 Million
Taxes and Duties INR 51.11 Million
Freight Not Applicable
Insurance Not Included
Total Cost INR 335.05 Million

7.1.3 Freight Forwarding and Clearance Charges for Module equipment

Description Quotation For Freight Forwarding for Module Equipment

Vendor Fast Logistics
Date of Quotation 26th August 2023
Validity of Quote 31st December 2024
Price. INR 241.13 Million
Taxes and Duties INR 43.40 Million
Freight Not Applicable
Insurance Not Included
Total Cost INR 284.54 Million

7.2.1. Unloading, Handling and Erection for Ingot and Wafer equipment

Description Unloading, Handling, Move in and positioning along with Erection of

equipment
Vendor Procam Logistics Private Limited
Date of Quotation 2nd December 2023
Validity of Quote 31st December 2024
Price. INR 172.40Million
Taxes and Duties INR 31.03 Million
Freight Not Applicable
Insurance Not Included
Total Cost INR 203.43 Million
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 7.2.2. Unloading, Handling and Erection for Cell and Module equipment

Description Unloading, Handling, Move in and positioning along with Erection of

equipment
Vendor Procam Logistics Private Limited
Date of Quotation 2nd December 2023
Validity of Quote 31st December 2024
Price. INR 68.35 Million
Taxes and Duties INR 12.30 Million
Freight Not Applicable
Insurance Not Applicable
Total Cost INR 80.66 Million

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