Waaree Energies Secures Rs 1,000 Crore Funding Led by ValueQuest
- ByStartupStory | August 7, 2023
In a substantial stride towards advancing its green energy aspirations, Waaree Energies, a prominent renewable energy company, has successfully raised Rs 1,000 crore in a funding round spearheaded by investment firm ValueQuest. This funding infusion marks a crucial milestone for Waaree Energies as it embarks on an ambitious trajectory of capacity expansion and technological innovation.
Waaree Energies had previously garnered approximately Rs 1,040 crore from a diverse array of investors, including family offices and high net-worth individuals (HNIs), in a previous funding round. The company underscored the significance of these investments in furthering its mission to propel the green energy sector forward.
In a statement, Waaree Energies elucidated, “Waaree Energies Limited (WEL) has successfully completed a second round of equity funding, totaling around Rs 1,000 crore. The lead investor in this round is ValueQuest, a distinguished investment firm known for its strategic vision and commitment to sustainable growth.”
The fresh capital injection is earmarked for the expansion of Waaree Energies’ capacity by a substantial 6 gigawatts (GW), augmenting the existing capacity of 12 GW. This expansion blueprint encompasses critical aspects of the solar energy value chain, including the manufacturing of solar ingots and wafers, cells, and modules. The infusion of funds positions Waaree Energies to play an increasingly pivotal role in shaping the future of renewable energy in India and beyond.
Highlighting the synergy between this investment and government initiatives, the company added, “This equity investment complements the government’s contribution of Rs 1,923 crore under the Production Linked Incentive (PLI) Tranche II scheme, thereby reinforcing our commitment to driving sustainable energy growth.”
Waaree Energies holds a preeminent status as the flagship company of the esteemed Waaree Group. The company boasts a formidable solar panel manufacturing capacity of 12 GW across its state-of-the-art facilities situated in Chikhli, Surat, and Umbergaon in the vibrant state of Gujarat. Beyond manufacturing prowess, Waaree Energies has cultivated a multifaceted presence encompassing engineering procurement and construction (EPC) services, project development, solar rooftop solutions, solar inverters, and solar water pumps. The company’s holistic approach is emblematic of its commitment to serving as an independent power producer while championing sustainable energy solutions.
As the renewable energy sector continues its ascendancy as a linchpin in global sustainability efforts, Waaree Energies’ strategic collaboration with ValueQuest stands as a testament to their shared dedication to pioneering innovative and impactful green energy solutions. The funds secured in this funding round serve as a resounding vote of confidence in Waaree Energies’ vision and will undoubtedly propel the company towards a future where green energy shines ever brighter on the horizon.
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