Waaree Energies, a prominent player in the green energy sector, has successfully raised a substantial sum of Rs 1,000 crore in its recent funding round. The funding drive was spearheaded by investment firm ValueQuest, signifying a significant vote of confidence in Waaree Energies’ growth trajectory.
This round of funding follows a prior successful endeavor where the company garnered approximately Rs 1,040 crore from a diverse array of investors, including family offices and high net worth individuals (HNIs), as highlighted by a statement from Waaree Energies.
The infusion of fresh capital comes at an opportune moment, as Waaree Energies embarks on an ambitious expansion strategy. The company is poised to amplify its energy generation capabilities by an impressive 6 gigawatts (GW), adding to the existing substantial capacity of 12 GW. The additional funding infusion will be channeled towards bolstering the manufacturing of crucial solar components, encompassing solar ingots and wafers, cells, and modules.
It is noteworthy that this equity investment stands complementary to the Production-Linked Incentive (PLI) Tranche II of Rs 1,923 crore that was awarded by the government, exemplifying the convergence of public and private efforts towards sustainable energy advancement.
Waaree Energies, a flagship entity of the Waaree Group, continues to strengthen its presence in diverse facets of the solar energy landscape. Boasting an impressive solar panel manufacturing capacity of 12 GW across its facilities in Chikhli, Surat, and Umbergaon in Gujarat, the company’s influence extends across engineering procurement and construction (EPC) services, solar rooftop solutions, solar inverters, solar water pumps, and even independent power production (IPP).
The successful funding round, spearheaded by ValueQuest, positions Waaree Energies favorably to accelerate its quest for an even greener and sustainable energy future.