To extend its growing capacity, Waaree Energies Ltd, an integrated solar power solution provider active in India and globally, has raised INR 1 billion (approx. $15 million) through carrying out a structured financing deal with a group of investors led by Centrum Financial Services ltd, according to the Economic Times.
Waaree is one of the top manufacturers of solar photovoltaic modules and provides EPC (Engineering, Procurement and Construction) solutions for solar power plants. Headquartered in Mumbai, Waaree has a 500 MW module manufacturing plant in Surat, Gujarat.
The investor, Jaspal Bindra, an ex-Standard Chartered top management personality, made the investment through Centrum’s non-banking financial arm.
The deal comes at a time when India is on a surge of installing solar energy, and pacing towards its target of 100 GW by 2022. The cumulative installed capacity by the end of this year is around 16 GW.
Investments in the nation’s solar market are on the rise generally; earlier this week it was reported that the European Investment Bank (EIB) has partnered with India’s Yes bank to offer $400m funding to India’s renewables.