Waaree Energies raises $121 million in ValueQuest-led equity funding round

Waaree Energies said it will use the latest equity investment to build a 6 GW solar wafer-to-module manufacturing capacity.

August 7, 2023 Uma Gupta

Image: Waaree Energies

Waaree Energies Ltd, a solar module manufacturer with a 12 GW per year production capacity, has raised around INR 1,000 crore ($121.87 million) in the second round of equity funding led by ValueQuest, a SEBI-registered portfolio management company with a focus on equity markets.

Waaree Energies had earlier raised INR 1,040 crore from investors, including family offices and high-net-worth individuals.

Waaree will use the latest investment to build 6 GW of wafer-to-module capacity won under the government’s production-linked incentives scheme for solar manufacturing. The equity investment is in addition to the PLI incentives of INR 1,923 crore awarded by the government.

Waaree Energies also plans backward integration with a solar cell manufacturing capacity of 5.4 GW. Within the next two years, it will have 20 GW of PV module capacity, 11.4 GW cells, and 6 GW of wafers manufacturing capacity.

Waaree Energies Ltd, headquartered in Mumbai, India, has a solar panel manufacturing capacity of 12 GW at its Chikhli, Surat, and Umbergaon plants in Gujarat. It also has a presence in EPC services, project development, solar rooftop solutions, solar inverters, and solar water pumps.

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