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.

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