Waaree Energies Limited, a solar panel manufacturer, has raised around INR 1000 crore from various investors through primary funding. The Promoters also participated in this equity raise at the same valuation. The proceeds will be used for expansion plans of the company to increase its manufacturing capabilities in India from 2GW to 9GW for PV modules, of which 5GW is operational and the balance 4GW is expected to be operational by January 2023. Waaree also has plans for backward integration in manufacturing Solar Cells with a capacity of 5.4 GW.
Waaree Energies has recently withdrawn the DRHP filed with SEBI owing to the fundraise.
Commenting on this funding, Hitesh Mehta, Director & CFO, Waaree Energies said, “Waaree Energies has always worked towards making India a solar-reliant country and has been in line with the government’s Atmanirbhar Bharat and Make in India. We aim to further our manufacturing capacity, expand our offerings, and ensure increased employment opportunities. We have been bullish about creating economically viable and easy-to-adopt solutions for our buyers.”
Waaree recently emerged as the largest exporter of solar panels. It is the lone manufacturer in India, approved by ALMM, of high-wattage panels i.e. 650WP along with 600WP and 540WP from its manufacturing facilities in Surat, Shree Godijee – Chikhli, Tumb, and Nandigram.