Waaree Energies raises Rs 1,000 crore in equity funding

economictimes.indiatimes.com:

manufacturer of solar panels, has raised Rs 1,000 crore in a funding round led by investment firm ValueQuest. The latest funds raised will be used for a 6 GW capacity expansion, adding to the existing capacity of 12 GW, the company said today. 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 Rs 1,923 crore awarded by the government, the company added. 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," said Hitesh Doshi, chairman & managing director at Waaree Energies. Waaree Energies is the flagship company of Waaree Group.