Waaree Energies Limited, an integrated solar power solutions company has raised Rs 100 crore through a structured financing deal from a group of investors led by Centrum Financial Services Limited, as the Mumbai-based alternate energy equipments firm intends to expand capacity.
Waaree manufactures and supplies Solar Photovoltaic modules and provides EPC solutions for setting up of solar power plants including on-grid, off-grid and rooftop applications. Set up n 1989 and headquartered in Mumbai, Waaree has a 500 MW module manufacturing plant at Surat in Gujarat.
Centrum Group, controlled by ex-Standard Chartered top honcho, Jaspal Bindra, made the investment through its non-banking finance arm. The transaction is coming at a time when Indian solar market witnessing a rapid growth because of policies inclined towards alternate energy.
The cumulative installed solar capacity in India is nearly 16 GW with an aspirational target of reaching 100 GW by 2022 set by the central government.
The sector has seen large private equity inflows as well. In flows into wind and solar power sectors have jumped 47 per cent to $920 million during the first nine months of 2017, according to data compiled by Venture Intelligence, an industry tracker. This is the second-best year in terms of PE flows into the sector after 2015, when it attracted $979 million across 14 deals, reported ET.