Waaree Energies secures funding of ₹1000 Cr with ValueQuest

Waaree Energies secures funding of ₹1000 Cr with ValueQuest

Waaree Energies Secures Funding of ₹1000 Cr with ValueQuest

New Delhi: Waaree Energies Ltd., a leading solar panel manufacturer, has successfully raised ₹1,000 crore in a funding round, which was primarily led by the renowned investment firm, ValueQuest, known for its focus on sustainable and forward-looking ventures.

This recent round of funding comes after Waaree Energies had already raised approximately ₹1,040 crore in an earlier investment round from a diverse group of investors, including family offices and high net-worth individuals (HNIs), as per the company’s official statement.

The newly secured funds will be directed towards a significant capacity expansion of 6 GW, enhancing the existing capacity of 12 GW. The increased capacity will facilitate the manufacturing of solar ingots and wafers, cells, and modules. Notably, this equity investment complements the previously awarded ₹1,923 crore from the government’s PLI tranche II.

As part of its expansion strategy, Waaree Energies is also planning to undertake backward integration in the manufacturing of solar cells, with an impressive capacity of 5.4 GW. Within the next two years, the company aims to achieve a total module capacity of 20 GW, 11.4 GW for cells, and 6 GW for wafers. Such ambitious expansion plans will solidify Waaree’s position as the largest solar module manufacturer worldwide, excluding China.

Hitesh Doshi, the Chairman & Managing Director at Waaree Energies, expressed his enthusiasm for the strategic investment, stating, “This funding reinforces our vision of a sustainable future and our dedication to transforming the solar energy landscape. We believe this investment will fuel our growth, expand our market presence, and drive positive change in the renewable energy transition. We extend our appreciation for the continuous support from ValueQuest.”

Ravi Dharamshi, the CIO & MD of ValueQuest, highlighted the company’s strategic approach, mentioning, “Megatrends have transformative, far-reaching, and disproportionate impacts. Waaree Energies Ltd. is poised to benefit from the twin megatrends of Energy Transition and the Supply Chain Shift away from China.”

Waaree Energies, a flagship company of the Waaree Group, currently boasts a solar panel manufacturing capacity of 12 GW at its state-of-the-art facilities located in Chikhli, Surat, and Umbergaon in Gujarat. Additionally, the company is actively involved in engineering procurement and construction (EPC) services, project development, solar rooftop solutions, solar inverters, solar water pumps, and operates as an independent power producer (IPP).

About Waaree Energies:

Waaree Energies Limited is a solar equipment manufacturer offering a wide range of products, including PV modules, inverters, KW rooftop solutions, utility grids, water pumps, and portable kits. The company caters to customers all around the world.

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