Waaree Energies raises ₹1,000 crore in funding led by ValueQuest
1 min read 07 Aug 2023, 01:20 PM ISTWithin the next two years, Waaree Energies will have 20 GW of module capacity, 11.4 GW Cell and 6GW wafers manufacturing capacity. This expansion plan will consolidate Waaree’s position as the world’s largest solar module manufacturer outside China
PremiumNew Delhi: Waaree Energies Ltd., a manufacturer of solar panels, has raised ₹1,000 crore in a funding round led by investment firm ValueQuest, known for its strategic focus on sustainable and progressive ventures.
In an earlier round, Waaree Energies had raised around ₹1,040 crore from a clutch of investors including family offices and high net-worth individuals (HNIs), the company said in a statement.
The latest funds raised will be used for a 6 GW capacity expansion, adding to the existing capacity of 12 GW. The additional capacity is intended for the manufacturing of solar ingots and wafers, cells and modules. This equity investment is in addition to the PLI tranche II of ₹1,923 crore awarded by the government.
The company is planning backward integration in the manufacturing of solar cells with a capacity of 5.4 GW. Within the next two years, Waaree Energies will have 20 GW of module capacity, 11.4 GW Cell and 6GW wafers manufacturing capacity. This expansion plan will consolidate Waaree’s position as the world’s largest solar module manufacturer outside China.
“This strategic investment reinforces our vision for a sustainable future and our commitment to revolutionizing the solar energy landscape. This funding, we believe will assist in our growth, expand our market presence, and drive positive change in the renewable energy transition. We appreciate the ongoing support from ValueQuest,“ said Hitesh Doshi, chairman & managing director at Waaree Energies.
“Megatrends are transformational and not incremental, with far reaching and disproportionate impact. Waaree Energies Ltd. is benefitting from twin megatrends of Energy Transition and the Supply Chain Shift away from China,“ Ravi Dharamshi, CIO & MD of ValueQuest.
Waaree Energies is the flagship company of Waaree Group. It has solar panel manufacturing capacity of 12 GW at its plants in Chikhli, Surat and Umbergaon in Gujarat and has presence in engineering procurement and construction (EPC) services, project development, solar rooftop solutions, solar inverter, and solar water pumps. It is also an independent power producer (IPP).
