Waaree Energies secures Rs 10 billion in second round of equity funding

Waaree Energies Limited, a solar panel manufacturer, has raised Rs 10 billion in its second round of equity funding led by ValueQuest. Adding to the existing capacity of 12 GW, the latest round of funding will be used for the expansion of another 6 GW of capacity which will be utilised for the production of cells, wafers, modules and solar ingots. The raised funding is in addition to production linked incentive, tranche II awarded by government for Rs 19.23 billion.

Additionally, the company is planning for backward integration in solar cells production with a capacity of 5.4 GW. The company is expected to have a manufacturing capacity of 6 of GW wafers, 11.4 GW of cells, and 20 GW of modules in the next two years.

In July 2023, Waaree Renewable Technologies Limited announced that it commissioned 87.5MW/122.5 MWp out of 150 MW/210 MWp EPC solar power project for UPC Renewable Energy Private Limited’s subsidiary Masaya Solar Energy Private Limited in the Khandwa district of Madhya Pradesh.

In October 2022, Waaree Energies Limited raised Rs 10 billion in primary funding from a variety of investors. The proceeds were to be used to fund the company’s plans to expand its manufacturing capabilities in India.