Waaree Energies raises $122.4 million to expand solar manufacturing


From pv magazine India

India's Waaree Energies said this week that it has raised around $122.4 million from various private investors.

The Mumbai-based company will use the proceeds to expand its solar module manufacturing capacity in India to 9 GW per year. It currently has 5 GW of operational PV module capacity and expects to commission the remaining 4 GW by January 2023. It also plans backward integration into the manufacturing of solar cells, with a capacity of 5.4 GW.

The company recently withdrew its draft red herring prospectus (DRHP) filed with capital markets regulator Securities and Exchange Board of India (SEBI). It filed the draft papers in September 2021 as it sought to raise money for PV manufacturing expansion and other purposes.

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Waaree Energies recently emerged as India’s largest exporter of solar panels. It is purportedly the only manufacturer in India on the government’s Approved List of Models and Manufacturers (ALMM) for 650 Wp solar panels.

The ALMM list includes eligible models and manufacturers of solar modules that comply with the Bureau of Indian Standards. Only the models and manufacturers included on the ALMM list can qualify for use in government projects and projects set up under government schemes and programs.

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