India’s green energy sector expects to get a boost with the latest funding
As per the latest reports, Waaree Energies Limited has fetched around Rs 1000 crore from various investors through primary funding. In this equity raise, the promoters also participated at the same valuation.
As per the released statement, the company plans to utilize the proceeds to grow and expand its manufacturing capabilities in India from 2GW to 9GW for PV modules, of which 5GW is operational and the balance 4GW is expected to be operational by January 2023.
While keeping the country’s vision to achieve the climate change targets in mind, the company aims to have backward integration in the manufacturing of Solar Cells with a capacity of 5.4 GW. It is noteworthy that the company recently withdrew the DRHP filed with SEBI owing to the fund-raise.
Waaree Energies’ Director & CFO, Mr Hitesh Mehta said: “Waaree Energies has always worked towards making India a solar-reliant country and has been in line with the Government’s ‘Atmanirbhar Bharat’ and ‘Make in India’. In our efforts to revolutionize 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.”
Touted to be the lone ALMM-approved high-wattage panels manufacturer in India, Waaree was recently recognised amongst the Top Performers in PVEL’s 2022 Scorecard. PVEL is a globally recognized Lab in photovoltaic testing.