Waaree Energies Raises INR 1000 Crore in Second Round of Funding Led by ValueQuest

Waaree Energies Limited (WEL), India’s largest solar module maker right now, has successfully raised a round of equity funding, amounting to approximately INR 1000 crore. The investment round was led by ValueQuest, an investment focused on sustainable and progressive ventures.

Waaree Energies Ltd. had earlier raised a primary round of ~INR 1040 crore from a clutch of investors including family offices, HNIs etc.

The current round of funding will be utilized 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 INR 1,923 Cr awarded by the Government of India to Waaree

The company also plans for backward integration in the manufacturing of solar cells with a capacity of 5.4 GW. Within the next 2 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 world’s largest solar module manufacturer outside China.

For Waaree, the latest funding round is a testament to its consistent commitment to the renewable energy market, and leadership in solar manufacturing.

Hitesh Doshi, Chairman & Managing Director at Waaree Energies Limited said, “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.”

Expressing his optimism in the opportunity Ravi Dharamshi, CIO & MD of ValueQuest mentioned that “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.”

Waeree’s Solar panel manufacturing capacity of 12 GW is spread across its plants in Chikhli, Surat and Umbergaon in Gujarat and has presence in EPC Services, Project Development, Solar Rooftop Solutions, Solar Inverter, and Solar Water Pumps. It is also an Independent Power Producer. Waaree has a presence over multiple locations nationally through its franchisees and 20 countries internationally as of June 30, 2023. Waaree has supplied 6+GW of solar modules and commissioned 1+ GW of solar EPC projects.

There has been recent speculation about the firm having plans to get into manufacturing in the US too, where incentives under the Inflation Reduction Act have created a strong rush to make in US now.