Waaree Energies Raises INR 1000 Cr Through Private Funding, Drops IPO Plans

Waaree Energies Limited, India’s leading solar panel manufacturer, has raised around Rs 1000 crore from various investors through private funding. The promoters also participated in this equity raise at the same valuation. The proceeds will be used for expansion plans of the firm to augment its manufacturing capabilities in India from 2 GW to 9 GW for PV modules. Of this, 5 GW is operational while the balance 4 GW is expected to be operational by January 2023.

Waaree which had lined up an IPO since 2021, which has been delayed due to volatile market conditions has also withdrawn its DRHP filed with the capital market regulator SEBI accordingly. The Planned IPO was for Rs 1200 crores approximately, thus the present fund raise fills in the gap for the firm well enough.

Waaree also has plans for backward integration in the manufacturing of solar cells with a capacity of 5.4 GW. Waaree maintains that it is committed to its growth and expansions plans in the renewable energy industry while adding that it also supports COP 21 climate change goals set for 2030 along with the carbon neutral goals set for 2070. Commenting on the funding, Hitesh Mehta, Director & CFO, Waaree Energies says, “Waaree Energies has always worked towards making India a solar reliant country and has been in line with 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.”

Waaree Energies, an IPP which provides EPC services, project development, rooftop solutions, and solar water pumps and has presence in over 388 locations nationally and 19 countries globally, says that it recently emerged as the largest exporter of solar panels. It further shared that it is the lone manufacturer in India (ALMM-approved) of high-wattage panels, 650 WP along with 600 WP and 540 WP from its manufacturing facilities in Surat, Shree Godijee – Chikhli, Tumb, and Nandigram. Among the various accolades that it boasts of, PVEL (PV Evolution Labs), a globally recognized lab in photovoltaic testing, has recently recognized Waaree amongst the top performers in its 2022 scorecard.