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Solar energy company Waaree Energies has raised Rs 1,000 crore in an equity round of funding led by ValueQuest, an investment firm known for its strategic focus on sustainable and progressive ventures.
The company plans to use the raised capital for another 6 GW of capacity expansion, in addition to the existing capacity of 12 GW. The additional 6 GW 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 Cr awarded by the Government of India, according to a release by the company.
Solar Energy also plans for backward integration in the manufacturing of solar cells with a capacity of 5.4 GW. Within the next 2 years, Waaree Energies will have 20 GW of Module capacity, 11.4 GW Cell and 6GW Wafers manufacturing capacity.
Prior to this, Waaree Energies raised Rs Rs 1,040 crore from a clutch of investors including family offices, HNIs etc.
Hitesh Doshi, Chairman & Managing Director at Waaree Energies, said, “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."
Ravi Dharamshi, CIO & MD of ValueQuest, said, “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.”
Waaree Energies, the subsidiary of Waaree Group, is a vertically integrated new energy company, which has Solar panel manufacturing capacity of 12 GW at its plants in Chikhli, Surat and Umbergaon in Gujarat and has presence in EPC Services, Project Development, Solar Rooftop Solutions, Solar Inverter, and Solar Water Pumps.
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