Waaree Energies Raises $120.88M to Expand Solar Capacity

08 Aug 2023 CW Team

India’s solar panel manufacturer, Waaree Energies, has announced that it has raised approximately 10 billion rupees ($120.88 million) in a second round of funding. The funding was led by Mumbai-based investment firm ValueQuest and will be used to enhance the company’s capacity by 6 gigawatts (GW).

Currently, Waaree Energies has a capacity of 12 GW and the additional wattage will be utilized for producing solar ingots and wafers, cells, and modules. The valuation of the company after the funding has not been disclosed.

In October 2022, Waaree Energies secured a primary round of funding worth about 10.40 billion rupees ($125.70 million) from a number of investors, including family offices and high net-worth individuals. The company believes that this new funding will support its growth, expand its market presence, and contribute to the renewable energy transition.

This round of funding comes at a time when businesses are increasingly focused on renewable energy. Adani Energy Solutions has recently achieved financial closure on a $1 billion project to bring renewable energy to Mumbai, while Reliance Industries has signed an agreement with Brookfield Asset Management to explore the manufacturing of renewable energy and decarbonization equipment in Australia.

The renewable energy sector in India is witnessing significant growth, as the country prioritizes clean energy solutions to reduce its carbon footprint and dependence on fossil fuels. With the additional funding, Waaree Energies will be able to contribute to this transition by expanding its production capabilities and meeting the increasing demand for solar power.

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..