Waaree Energies Limited has raised Rs 10 billion in primary funding from a variety of investors. The promoters took part in this equity raise at the same price. The proceeds will be further used to fund the company’s plans to expand its manufacturing capabilities in India from 2 GW to 9 GW for photovoltaic (PV) modules. Of this, 5 GW is already operational and the remaining 4 GW is expected to be operational by January 2023.
The company also intends to focus on backward integration in the production of solar cells with a capacity of 5.4 GW. Due to the fund raise, Waaree Energies recently withdrew the draft red herring prospectus filed with the Securities and Exchange Board of India.
Recently, Steinbeis signed an MoU with Waaree Energies Limited and DSE Consortium Germany to collaborate on the establishment of an electrolyser assembly line and polysilicon production unit in India. The company will also be responsible for the implementation of solar thermal technologies for the conversion of coal-fired power plants in India to green power plants. In addition, they will initiate cooperation for the establishment of solar power plants in Africa.
Waaree Energies Ltd. is one of India’s leading solar PV panel manufacturer. In addition, it provides EPC services, project development, rooftop solutions, and solar water pumps and is also an independent power producer. The company is present in over 388+ locations nationally and in 19 countries globally.