A solar energy company, Waaree Energies Limited (WEL), received a round of equity funding worth Rs 1000 crore. ValueQuest, an investment company renowned for concentrating its efforts on sustainable and forward-thinking initiatives, led the investment round.
The investment will be used to add another 6 GW of additional power to the current 12 GW of capacity. The extra 6 GW of capacity will be used to produce solar ingots, wafers, cells, and modules. Along with the PLI Tranche II award of INR 1,923 crore, this equity investment was made, as reported by Bwdisrupt.com
Mr. Hitesh Doshi, Chairman & Managing Director at Waaree Energies Limited said, “This strategic investment reinforces our vision for a sustainable future and our commitment to revolutionizing the solar energy landscape. This funding, we believe will assist in our growth, expand our market presence, and drive positive change in the renewable energy transition. We appreciate the ongoing support from ValueQuest.”
Expressing his optimism in the opportunity Ravi Dharamshi, CIO & MD of ValueQuest mentioned that “Megatrends are transformational and not incremental, with far reaching and disproportionate impact. Waaree Energies Ltd. is benefitting from twin megatrends of Energy Transition and the Supply Chain Shift away from China.”
The business also has aspirations for retrofitting the 5.4 GW of solar cell manufacturing capacity. Waaree Energies Ltd. is expected to have the ability to produce 20 GW of Modules, 11.4 GW of Cells, and 6 GW of Wafers within the next two years. Waaree will further solidify its position as the largest solar module maker outside of China with this growth plan.
About Waree Energy
The 1989-founded Waaree Group includes Waaree Energies Ltd. With more than 7,000 workers worldwide, Waaree serves as both a global leader in solar PV module manufacturing and a supplier of solar energy solutions. The biggest module producer in India right now is Waaree, which has a 12 GW state-of-the-art module production plant.