Waaree Energies, a solar panel manufacturer, has raised about Rs 1,000 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 2 gigawatt (GW) to 9GW for photovoltaic (PV) modules. While 5GW is already operational, the balance 4GW is expected to be operational by January 2023.
Waaree also has plans for backward integration in the manufacturing of solar cells with a capacity of 5.4GW. The company is committed to its growth and expansions plans in the sunrise renewable energy industry and also committed to support the prime minister’s vision to achieve most of the Conference of Parties (COP)-21 climate change goals set for 2030 and carbon neutral goals set for 2070, much before time.
Waaree has recently withdrawn the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi) owing to the fundraise.
Hitesh Mehta, director and chief financial officer, Waaree Energies, says, “In our efforts to revolutionise the solar manufacturing sector, we aim to further our manufacturing capacity and expand our offerings and ensure increased employment opportunities. We have been bullish about creating economically viable and easy-to-adopt solutions for our buyers. Our mission has always been to provide practical solutions to augment performance and be the frontrunners of the solar revolution globally.”
The company recently emerged as the largest exporter of solar panels. It is the lone manufacturer in India, approved by the Approved List of Models and Manufacturers (ALMM), of high-wattage panels, that is 650 watt peak (Wp) along with 600Wp and 540Wp, from its manufacturing facilities in Surat, Shree Godijee – Chikhli and Tumb in Gujarat, and Nandigram in West Bengal.
