--- title: "Goldi Solar vs Waaree - Brand Comparison | ComparePV" description: "Compare Goldi Solar vs Waaree solar panels: full portfolio, efficiency, cell technology breakdown, warranty terms and company background." source: "https://comparepv.com/goldi-solar-vs-waaree" --- # Goldi Solar vs Waaree Waaree has the broader catalog (222 vs 145 models). Waaree leads on peak efficiency at 23.51%. Goldi Solar leans bifacial (79% of lineup). ## The two companies | Attribute | Goldi Solar | Waaree | | --- | --- | --- | | Country | India | India | | Headquarters | Surat | Mumbai | | Founded | 2011 | 1990 | | Employees | 250-499 Employees | 8500+ | | Annual capacity | 15.2 GW/year | 13.3 GW/year | | Tier 1 | yes | yes | | Listed | | NSE: WAAREEENER | | Website | [http://www.goldisolar.com](http://www.goldisolar.com) | [https://www.waaree.com/](https://www.waaree.com/) | Goldi Solar is a leading Indian solar PV module manufacturer and EPC service provider committed to accelerating the transition to sustainable energy. Established in 2011 and headquartered in Surat, Gujarat, the company offers cutting-edge solar solutions that power industries, businesses, and communities across more... Waaree Energies Ltd. is a leading global energy transition company committed to delivering innovative, high-quality solar and sustainable energy solutions. Established in 1990 and headquartered in Mumbai, India, the company operates across 20+ countries with an integrated portfolio that spans solar modules, EPC... ## Catalog & Power | Measure | Goldi Solar | Waaree | Margin | | --- | --- | --- | --- | | Panel Models | 145 | 222 | +77 | | Max Power | 715 W | 730 W | +15 W | | Avg Power | 513 W | 371 W | +142 W | ## Efficiency | Measure | Goldi Solar | Waaree | Margin | | --- | --- | --- | --- | | Max Efficiency | 23.03% | 23.51% | +0.48 pp | | Avg Efficiency | 21.16% | 18.39% | +2.77 pp | ## Reliability & Warranty | Measure | Goldi Solar | Waaree | Margin | | --- | --- | --- | --- | | Avg Temp Coefficient | -0.326%/°C | -0.362%/°C | +0.036 | | Bifacial Share | 115 (79%) | 85 (38%) | +41 pp | | Avg Warranty | 27.6 yrs | 21.7 yrs | +5.9 yr | ## Efficiency distribution Waaree skews to higher efficiency: 4% of lineup is 23%+ | Efficiency band | Goldi Solar | Waaree | | --- | --- | --- | | \<20% | 4 (2.8%) | 139 (62.6%) | | 20-21% | 67 (46.2%) | 47 (21.2%) | | 21-22% | 47 (32.4%) | 14 (6.3%) | | 22-23% | 25 (17.2%) | 13 (5.9%) | | 23%+ | 2 (1.4%) | 9 (4.1%) | ## Power distribution Goldi Solar offers more 600W+ panels (13% of lineup) | Power band | Goldi Solar | Waaree | | --- | --- | --- | | \<400W | 8 (5.5%) | 124 (55.9%) | | 400-499W | 59 (40.7%) | 35 (15.8%) | | 500-599W | 59 (40.7%) | 36 (16.2%) | | 600-699W | 12 (8.3%) | 20 (9.0%) | | 700W+ | 7 (4.8%) | 7 (3.2%) | ## Cell technology Dominant cell tech: **PERC** (74%) Dominant cell tech: **PERC** (48%) | Technology | Goldi Solar | Waaree | | --- | --- | --- | | PERC | 107 (73.8%) | 107 (48.2%) | | TOPCon | 31 (21.4%) | 12 (5.4%) | | HJT | 7 (4.8%) | 7 (3.2%) | | Unknown | 0 | 88 (39.6%) | | N-type | 0 | 8 (3.6%) | ## Top panels, Goldi Solar | # | Model | Power | Efficiency | Temp. coefficient | Technology | | --- | --- | --- | --- | --- | --- | | 1 | [GS12-T132-GF-715](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-715) | 715 | 23.0 | -0.280 | Monocrystalline | | 2 | [GS12-T132-GF-710](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-710) | 710 | 22.9 | -0.280 | Monocrystalline | | 3 | [G12 Series 710Wp](https://comparepv.com/panel/goldi-solar-g12-series-710wp) | 710 | 22.9 | -0.259 | Monocrystalline | | 4 | [GS12-T132-GF-705](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-705) | 705 | 22.7 | -0.280 | Monocrystalline | | 5 | [G12 Series 705Wp](https://comparepv.com/panel/goldi-solar-g12-series-705wp) | 705 | 22.7 | -0.259 | Monocrystalline | | 6 | [GS12-T132-GF-700](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-700) | 700 | 22.5 | -0.280 | Monocrystalline | | 7 | [G12 Series 700Wp](https://comparepv.com/panel/goldi-solar-g12-series-700wp) | 700 | 22.5 | -0.259 | Monocrystalline | | 8 | [GS12-T132-GF-695](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-695) | 695 | 22.4 | -0.280 | Monocrystalline | | 9 | [G12 Series 695Wp](https://comparepv.com/panel/goldi-solar-g12-series-695wp) | 695 | 22.4 | -0.259 | Monocrystalline | | 10 | [GS12-T132-GF-690](https://comparepv.com/panel/goldi-solar-gs12-t132-gf-690) | 690 | 22.2 | -0.280 | Monocrystalline | ## Top panels, Waaree | # | Model | Power | Efficiency | Temp. coefficient | Technology | | --- | --- | --- | --- | --- | --- | | 1 | [BiH-11-730](https://comparepv.com/panel/waaree-bih-11-730) | 730 | 23.5 | -0.240 | Monocrystalline | | 2 | [BiH-11-725](https://comparepv.com/panel/waaree-bih-11-725) | 725 | 23.3 | -0.240 | Monocrystalline | | 3 | [BiH-11-720](https://comparepv.com/panel/waaree-bih-11-720) | 720 | 23.2 | -0.240 | Monocrystalline | | 4 | [BiH-11-715](https://comparepv.com/panel/waaree-bih-11-715) | 715 | 23.0 | -0.240 | Monocrystalline | | 5 | [BiH-11-710](https://comparepv.com/panel/waaree-bih-11-710) | 710 | 22.9 | -0.240 | Monocrystalline | | 6 | [BiH-11-705](https://comparepv.com/panel/waaree-bih-11-705) | 705 | 22.7 | -0.240 | Monocrystalline | | 7 | [BiH-11-700](https://comparepv.com/panel/waaree-bih-11-700) | 700 | 22.5 | -0.240 | Monocrystalline | | 8 | [Bi-68-665](https://comparepv.com/panel/waaree-bi-68-665) | 665 | 21.3 | -0.340 | Monocrystalline | | 9 | [WSMD-665](https://comparepv.com/panel/waaree-wsmd-665) | 665 | 21.3 | -0.340 | Monocrystalline | | 10 | [WSMD-660](https://comparepv.com/panel/waaree-wsmd-660) | 660 | 21.1 | -0.340 | Monocrystalline | ## Summary Goldi Solar is an Indian manufacturer founded in 2011 in Surat, Gujarat, by Bharat Bhut and partners Dhruv and Ishver Dholakiya. Starting as a module assembly operation, it grew into one of India's top-two module producers, reaching approximately 15.2 GW of module manufacturing capacity by 2025 and recording the highest domestic capacity additions of any Indian maker during that year. The company is listed on India's ALMM register, holds Tier 1 bankable status, and earned a Top Performer ranking in Kiwa PVEL's 2024 scorecard - a distinction shared by roughly 50 manufacturers globally. A 2025 investment round led by Havells India brought total external funding to around $172 million. Waaree Energies, also Indian and headquartered in Mumbai with major manufacturing in Gujarat, carries a longer institutional track record as a publicly listed company. BloombergNEF has ranked it a Tier 1 manufacturer for 35 consecutive quarters, and in early 2025 Waaree became the first Indian module maker to earn PV Tech's ModuleTech Bankability 'A' rating. Global module capacity reached 22.3 GW by end-2025, including facilities in Texas and Arizona, and the company exports to over 68 countries. On institutional standing and international reach, Waaree holds a measurable lead. Both manufacturers have pivoted to TOPCon as their primary cell technology. Waaree has also integrated HJT capacity through its acquisition of the Meyer Burger facility in Arizona, broadening its high-efficiency portfolio. Goldi Solar covers residential rooftop, commercial C&I, and utility-scale ground-mount applications with panels in the 700 W class; it is additionally building a 1.2 GW TOPCon cell line in-house, targeted for commissioning around early 2026, which will reduce dependence on external cell supply. Waaree's lineup spans smaller residential panels through to high-wattage utility modules, and its US-based manufacturing makes it a practical option for North American buyers navigating tariff structures. For a buyer outside India seeking a bankable Indian panel brand - particularly in Europe, where Waaree is actively positioning itself under the EU Net-Zero Industry Act framework - Waaree is the more straightforward default, given its longer institutional track record, the 'A' bankability rating, and the depth of its international supply network. Goldi Solar is a credible and growing alternative, especially for India-based projects or price-sensitive procurement; PVEL validation and Havells backing add genuine credibility. The two are not interchangeable on institutional standing, but for a standard residential or commercial rooftop installation, both should perform comparably in the field. Written by claude-sonnet from the figures above. ## Other comparisons - [Goldi Solar vs A.B. Energy](https://comparepv.com/goldi-solar-vs-a-b-energy) - [AE Solar vs Waaree](https://comparepv.com/ae-solar-vs-waaree) - [Goldi Solar vs AEET](https://comparepv.com/goldi-solar-vs-aeet) - [AIKO vs Waaree](https://comparepv.com/aiko-vs-waaree) - [Goldi Solar vs AKCOME](https://comparepv.com/goldi-solar-vs-akcome) - [ARTsolar vs Waaree](https://comparepv.com/artsolar-vs-waaree) --- Source: https://comparepv.com/goldi-solar-vs-waaree Not in this file, on the page: the distributions above drawn as charts.