Waaree Energies raises Rs 10 billion in private financing

• ByStartupStory     |    October 8, 2022

Solar panel producer Waaree Energies announced that it has secured Rs 1 billion in basic finance from a number of investors.

Private investors from the HNI sector and private offices provide the money. The promoters also participated in this equity offering at the same value, according to a statement from the firm, which did not disclose the amount of money.

The funds will be utilized for the company’s growth plans to boost its PV module production capacity in India from 2GW to 9GW, with 5GW now active and the remaining 4GW projected to be operational by January 2023.

The firm also has plans for backward integration in the production of Solar Cells with a capacity of 5.4 GW.

Commenting on this funding, Hitesh Mehta, Director & CFO, of Waaree Energies says, “… In our efforts to revolutionize the solar manufacturing sector, we aim to further our manufacturing capacity and expand our offerings and ensure increased employment opportunities. We have been bullish about creating economically viable and easy-to-adopt solutions for our buyers.” Doshi added that his business intends to participate in the Production-Linked Incentive (PLI) Scheme for the production of solar PV modules.

The Union Cabinet authorized a Rs 19,500 crore PLI project on a “national program on high-efficiency solar PV modules” on September 21, with the intention of attracting Rs 94,000 crore in industry investment.

One Of the predicted advantages of the PLI program is that around 65,000 MW per year of completely and partly integrated so.

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