Waaree Energies (WEL), a provider of solar energy and contributor towards the transition to green and clean energy, has successfully raised a round of equity funding, amounting to approximately Rs 1000 crore. The investment round was led by ValueQuest, an investment firm known for its strategic focus on sustainable and progressive ventures.
Waaree Energies Ltd. had earlier raised a primary round of around Rs 1040 crore from a clutch of investors, including family offices, HNIs etc.
The current round of funding will be utilised 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 crore awarded by the Government of India.
The company also plans for backward integration in the manufacturing of solar cells with a capacity of 5.4 GW. Within the next two years, Waaree Energies Ltd. will have 20 GW of Module capacity, 11.4 GW Cell and 6GW Wafers manufacturing capacity. This expansion plan will further consolidate Waaree’s position as the world’s largest solar module manufacturer outside China.
Waaree Energies Ltd.’s long-standing association with ValueQuest has been instrumental in advancing its mission to provide clean and sustainable energy solutions globally. The collaboration has enabled the company to deliver solar products, strengthen its manufacturing capabilities and enhance its customer-centric approach.
The latest funding round is a testament to the resilience and potential of Waaree Energies Limited as a participant in the renewable energy market. The company remains dedicated to upholding its core values of excellence, sustainability, and customer satisfaction as it continues to lead towards a greener and more environmentally responsible future.
Hitesh Doshi, Chairman and Managing Director at Waaree Energies Limited, said, “This strategic investment reinforces our vision for a sustainable future and our commitment to revolutionising 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.”
Expressing his optimism in the opportunity, Ravi Dharamshi, CIO and MD of ValueQuest mentioned that “Megatrends are transformational and not incremental, with far-reaching and disproportionate impact. Waaree Energies Ltd. benefits from twin megatrends of Energy Transition and the Supply Chain Shift away from China.”
