+
Waaree Energies Raises $120.88M to Expand Solar Capacity
POWER & RENEWABLE ENERGY

Waaree Energies Raises $120.88M to Expand Solar Capacity

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.

See also:
South Eastern Coalfields to develop 600 MW solar power projects
SECL to develop 600 MW solar power projects


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. See also: South Eastern Coalfields to develop 600 MW solar power projectsSECL to develop 600 MW solar power projects

Next Story
Equipment

Liebherr secures 130-dozer deal with Turkey’s State Hydraulic Works

Liebherr Turkey has signed a major equipment supply agreement with the Turkish State Hydraulic Works (DSİ) for the delivery of 130 crawler tractors to be used across the country’s key infrastructure and environmental projects.The agreement covers 120 PR 756 Litronic and 10 PR 736 Litronic crawler tractors, with production scheduled at Liebherr’s facility in Telfs, Austria. This marks a significant continuation of the long-standing collaboration between DSİ and Liebherr, which began over a decade ago with the delivery of PR 754 Litronic dozers.Designed for heavy-duty operations, the PR 75..

Next Story
Infrastructure Transport

Noida to Revamp Transport Nagar Chowk with Rs 4-Crore Beautification Plan

The Noida Authority has unveiled plans to redevelop Transport Nagar Chowk in Sector 67 with a Rs 4-crore beautification project. Aimed at enhancing connectivity, accessibility, and urban aesthetics, the project will upgrade a 500-metre stretch along DSC Road with modern, inclusive, and sustainable infrastructure.Officials stated that the stretch will be enhanced with ornamental lighting, sculptures, seating areas, bollards, food kiosks, and ramps for differently-abled individuals. A tender for the project is expected to be issued soon.Neelima Rana, partner at Orionn Architects—the firm behin..

Next Story
Infrastructure Transport

Centre Approves Noida Metro Extension to Bodaki Multimodal Hub

The Central government has approved the extension of the Noida Metro Aqua Line from Depot Station to the upcoming Multimodal Transport Hub (MMTH) at Bodaki, marking a major push for enhanced connectivity in the National Capital Region (NCR). The 2.6-km extension is expected to be completed within three years.The project, already cleared by the Uttar Pradesh Cabinet, will now move to the construction stage under the supervision of the Noida Metro Rail Corporation (NMRC). The extended route will include two additional stations — Junpat Village and Bodaki — connecting to the MMTH, which will ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?