Waaree Energies, the green energy producer has secured Rs 1,000 crore in a funding round led by investment firm ValueQuest.
Founded in 1989 with headquarters in Mumbai, India. Waaree Energy is today one of the largest vertically integrated new energy companies. It has India’s largest Solar panel manufacturing capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat
“Waaree Energies Limited (WEL) has raised a second round of equity funding, amounting to about Rs 1,000 crore. The investment round was led by ValueQuest, an investment firm,” it said.
Waaree Energies in an independent power producer
The latest investment will be deployed for 6 gigawatts (GW) of capacity expansion, in addition to the existing capacity of 12 GW. The fresh round of funding is targeted for the manufacturing of solar ingots and wafers, cells and modules. This equity investment is in addition to the PLI Tranche II of Rs 1,923 crore awarded by the government.
It has India’s largest Solar panel manufacturing capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat and is a top player 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 in over 388 locations nationally and 20 countries internationally. The company has supplied 6+GW of solar modules and commissioned 1+ GW of solar EPC projects.
In an earlier round, it had raised around Rs 1,040 crore from a clutch of investors, including family offices, high net-worth individuals (HNIs), etc., the company said in a statement.
