ValueQuest led $1 B funding secured by solar panel manufacturer Waaree Energies
Solar panel manufacturer Waaree Energies Ltd. has raised $1 billion in a funding round led by investment company ValueQuest, which is renowned for focusing strategically on sustainable and forward-thinking businesses.
Waaree Energies said in a statement that it had previously raised approximately $1,040 crore from a variety of investors, including family offices and high net-worth individuals (HNIs).
The most recent funds raised will be used to add 6 GW to the 12 GW capacity already in place. The extra capacity will be used to produce solar ingots, wafers, cells, and modules. This equity investment is in addition to the government-awarded PLI tranche II award of 1,923 crore.
With a 5.4 GW capacity, the company intends to manufacture solar cells through backward integration. Waaree Energies will have a 20 GW module capacity, 11.4 GW cell capacity, and 6 GW wafers manufacturing capacity within the next two years. Waaree will maintain its position as the largest solar module manufacturer outside of China thanks to this expansion strategy.
“This strategic investment reinforces our vision for a sustainable future and our commitment to revolutionizing the solar energy landscape. This funding, we believe will assist in our growth, expand our market presence, and drive positive change in the renewable energy transition. We appreciate the ongoing support from ValueQuest,“ said Hitesh Doshi, chairman & managing director at Waaree Energies.
“Megatrends are transformational and not incremental, with far reaching and disproportionate impact. Waaree Energies Ltd. is benefitting from twin megatrends of Energy Transition and the Supply Chain Shift away from China, “Ravi Dharamshi, CIO & MD of ValueQuest.
The Waaree Group’s flagship business is Waaree Energies. It has 12 GW of capacity to produce solar panels at its Gujarati facilities in Chikhli, Surat, and Umbergaon. It also offers engineering, procurement, and construction (EPC) services, project development, solar rooftop solutions, solar inverter, and solar water pumps. Additionally, it produces electricity independently (IPP).
