Solar panel maker Waaree Energies Limited (WEL) has raised a round of equity funding of around ₹1,000 crore.

The round was led by ValueQuest, an investment firm known for its strategic focus on sustainable and progressive ventures, the company said in a release.

The company had earlier raised a primary round of ₹1,040 crore from a clutch of investors, including family offices, HNIs, and others.

The current round of funding will be utilised for another 6 GW of capacity expansion, in addition to the existing capacity of 12 GW. According to the company, the additional 6 GW of capacity is intended for the manufacturing of solar ingots and wafers, cells, and modules.

Also read: Tata Power signs 350 MW solar PPAs with MSEDCL

Furthermore, this equity investment is in addition to the PLI Tranche II of ₹1,923 crore awarded by the Government of India.

“This strategic investment reinforces our vision for a sustainable future and our commitment to revolutionising the solar energy landscape,” said Hitesh Doshi, Chairman and Managing Director at Waaree Energies Limited.

Moreover, the company also plans for backward integration in the manufacturing of solar cells with a capacity of 5.4 GW. Within the next 2 years, it will have 20 GW of Module capacity, 11.4 GW of cell capacity, and 6 GW of wafer manufacturing capacity.

“Megatrends are transformational and not incremental, with far-reaching and disproportionate impact. Waaree is benefiting from the twin megatrends of Energy Transition and the Supply Chain Shift away from China,” said Ravi Dharamshi, CIO and MD of ValueQuest.

Related Topics