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.
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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.