Solar panel producer Waaree Energies Ltd. has secured $1 billion in a fundraising round headed by investment company ValueQuest, which is renowned for focusing strategically on sustainable and forward-thinking businesses.
Waaree Energies said in a statement that it has previously secured around $1,040 crore from a variety of investors, including family offices and high net-worth individuals (HNIs).
The most recent money obtained will be utilised to add 6 GW to the 12 GW capacity already in place. The extra capacity will be used to produce solar ingots, wafers, cells, and modules. This equity investment is in addition to the government-awarded PLI tranche II award of 1,923 crore.
“This strategic investment reinforces our vision for a sustainable future and our commitment to revolutionizing 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,“ said Hitesh Doshi, chairman & managing director at Waaree Energies.
“Megatrends are transformational and not incremental, with far reaching and disproportionate impact. Waaree Energies Ltd. is benefitting from twin megatrends of Energy Transition and the Supply Chain Shift away from China,“ Ravi Dharamshi, CIO & MD of ValueQuest.
With a 5.4 GW capacity, the business intends to manufacture solar cells through backward integration. Waaree Energies will have a 20 GW module capacity, 11.4 GW cell capacity, and 6 GW wafers production capability over the next two years. Waaree will maintain its position as the largest solar module maker outside of China thanks to this development strategy.
The centrepiece business of Waaree Group is Waaree Energies. At its sites in Gujarat’s Chikhli, Surat, and Umbergaon, it can produce 12 GW worth of solar panels per year. It also offers engineering, procurement, and construction (EPC) services, project development, solar rooftop solutions, solar inverters, and solar water pumps. Additionally, it is an IPP, or independent power producer.
