Waaree Energies raises $121 million to expand solar production

From pv magazine India

Waaree Energies Ltd, which has 12 GW of annual production capacity, has secured approximately $121.87 million in a second round of equity funding led by ValueQuest, a SEBI-registered portfolio management company focusing on equity markets. It had previously attracted funding from investors.

The company will use the new investment to set up 6 GW of wafer-to-module production capacity, which was acquired through the Indian government’s production-linked incentive (PLI) scheme for solar manufacturing. This equity funding supplements other PLI incentives granted by the government.

Waaree Energies also plans to achieve backward integration by establishing 5.4 GW of solar cell manufacturing capacity. Over the next two years, the company aims to reach 20 GW of PV module capacity, 11.4 GW of cells, and 6 GW of wafer manufacturing capacity.

The company – based in Mumbai, India – operates 12 GW of solar panel manufacturing facilities in Gujarat. It also provides engineering, procurement, and construction services, develops projects, offers solar rooftop solutions, manufactures solar inverters, and produces solar water pumps.

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